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    India announces series of mergers of state-run banks

    30 Aug 2019

    The mergers, which cut to 12 the total number of state-owned banks from 27 in 2017, are the first since Indian Prime Minister Narendra Modi's government won re-election in late May.

    Myanmar sees more protests as World Bank warns of economic slump

    26 Mar 2021

    Myanmar has been rocked by almost daily protests since the army overthrew Aung San Suu Kyi's elected government and installed the junta. Suu Kyi, who won the Nobel Peace Prize in 1991 for her campaign to bring democratic civilian rule to Myanmar,

    Egypt’s economy records growth rate of 2% in the second quarter

    12 Mar 2021

    Egypt’s economy recorded an annualised growth rate of 2% in the second quarter of its 2020-21 fiscal year, and 1.35% in the first half of the same, Planning Minister Hala Al Saeed said.

    IMF to boost global outlook again, says financial conditions uncertain

    30 Mar 2021

    The International Monetary Fund (IMF), will raise its forecast for global economic growth in 2021 and 2022 after last year’s 3.5% contraction, but financial conditions remain highly uncertain, IMF Managing Director Kristalina Georgieva said on Tuesday.

    Myanmar police raid protest district as World Bank halts some payments

    26 Feb 2021

    The Southeast Asian country has been in crisis since the army seized power and detained civilian government leader Aung San Suu Kyi and much of her party leadership after the military complained of fraud in a November election.

    IMF, World Bank to exchange debt relief for green projects

    11 Apr 2021

    Green investment is the act of forgiving debt held by low-income countries in exchange for an environmentally sustainable project.

    World Bank sees more countries in ‘deep debt distress’ this year

    10 Jan 2021

    The World Bank has predicted that more countries will come under ‘deep debt distress’ this year as the coronavirus pandemic situation worsens. Chad and several other countries are already in ‘deep debt distress’ and more will join their ranks this year, given the severity

    IMFC meeting deliberated latest global economic developments

    13 Apr 2021

    Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs, recently participated in the virtual International Monetary and Financial Committee (IMFC) meeting, which took place alongside the annual meetings

    Top China bank ICBC posts a profit rise of 4.1 per cent

    29 Apr 2019

    Industrial and Commercial Bank of China Ltd (ICBC), the world’s biggest commercial lender by assets, posted a 4.1 per cent rise in profit for the three months ended March, its fastest growth for the period since 2014. Profit was 82.01 billion yuan ($12.18 billion) for the first quarter, compared with 78.80 billion yuan in the same period a year earlier, the bank said in a filing on Monday.

    Pakistan, WB sign $918m agreements

    18 Jun 2019

    Pakistan and the World Bank on Tuesday signed three loan agreements worth $918 million to help support revenue mobilisation and higher education development in the country.

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