Imf

IMF: Mideast to lose $270B in oil income due to virus, recession

The international lender expects an overall economic contraction of 7.3 percent in Mideast oil exporting countries this year due to hits from the coronavirus outbreak and oil market turmoil.

Why the central bank and the government are at war in Lebanon

As angry protesters attack banks across Lebanon, the new government in Beirut and the central bank’s governor remain at odds over tackling the economic crisis.

Global cases reach 10 million – latest updates

Novel coronavirus has infected 10 million people and claimed close to half a million lives around the world. Here are the updates for June 27:

Lebanese pound slumps to record lows as food imports reduced

The currency crisis is part of a wider economic meltdown that poses the biggest threat to the stability of import-reliant Lebanon since the 1975-90 civil war.

Lebanon's Aoun warns of civil war in peace meeting

President Michel Aoun cautions against bids to destabilise "security and the street" after angry protests over the Arab country's economic crisis.

Lebanon's financial adviser in IMF talks quits

Henri Chaoul, financial adviser to the government in talks with the International Monetary Fund, said politicians, monetary authorities, and the financial sector embark on a "populist agenda", "opting to dismiss the magnitude" of losses.

Lebanon urges unity to tackle economic crisis, says time is short

The government approved its recovery plan last week, announcing that it would form the basis of negotiations with the International Monetary Fund for aid.

IMF, World Bank urge action to cover $44 bln gap in Africa's pandemic needs

Even after pledges of support from bilateral, multilateral and private creditors, the continent faced a gap of around $44 billion, officials said.

IMF approves $1.4 billion in coronavirus aid to Pakistan

Pakistan has reported just over 100 coronavirus-related deaths but experts have warned that the country of 215 million people could see a rapid and devastating increase due to its shortage of medical infrastructure and crowded cities.

IMF chief: 'Clear we have entered recession'

"It is clear that we have entered a recession" that will be worse than in 2009 following the global financial crisis, IMF chief Kristalina Georgieva said.

More countries follow Imran Khan’s lead in calling for debt relief

As fears of a global recession grow as a result of the Covid-19 spread, African countries, along with the World Bank, have issued calls for a moratorium on debt payments.

Is the IMF politicising aid by denying Venezuela an emergency loan?

The global lending institution is meant to foster economic cooperation but has come under criticism for being biased in the wake of a terrible pandemic spreading across the globe.