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Dominique Strauss-Kahn, the head of the International Monetary Fund, suggested Friday the organization might one day be called on to provide countries with a global reserve currency that would serve as an alternative to the U.S. dollar.
Dominique Strauss-Kahn, the head of the International Monetary Fund, suggested Friday that the organization one day might be called upon to provide countries with a global reserve currency that would serve as an alternative to the U.S. dollar.
The International Monetary Fund has sold 200 metric tons of gold worth $6.7 billion to India's central bank as part of an effort to shore up IMF finances and increase low-cost lending to developing countries.
Several African nations are among those that have made great improvements in how their people are governed, with Botswana even on a par with many more-developed Western nations, the World Bank and the Brookings Institution said in a report released Monday.
The World Bank said Saturday it would provide poor countries with more than $55 billion for public work projects left in limbo when the recession dried up capital investment.
Developing countries are being hit harder by the global financial crisis than industrialized nations and need urgent and unprecedented help to cope with it, the Group of 24 countries said Friday.
The global economic meltdown may be starting to wind down, and recovery could emerge in 2010 if countries act together and immediately adopt policies aimed at ending the recession, the head of the International Monetary Fund said Thursday.
French Defense Minister Herve Morin said Monday that the NATO alliance should remain militarily engaged in Afghanistan as long as necessary but should make clear that the commitment is not unlimited.
Economic growth prospects for both high income and developing countries have deteriorated substantially and the possibility of a very deep global recession cannot be ruled out, the World Bank said Tuesday.
The global financial turmoil may revive the International Monetary Fund's role as the world's financial firefighter, providing loans to cash-strapped countries and developing an early warning system to prevent future crises.
The World Bank agreed Sunday to help developing countries strengthen their economies, bolster their financial systems and protect the poor against the financial turmoil in international markets.
Developing countries warned on Friday that the global financial crisis could dampen their growth prospects and recommended an international response to prevent "the most difficult situation in years" from worsening.
The Group of Seven industrialized countries is outmoded and should be replaced with a new entity that would include growing economies in Asia and Latin America, World Bank President Robert Zoellick said Monday.
The World Bank said Thursday it was speeding up its aid to help an international effort to overcome the global food crisis by providing an extra $1.2 billion in grants and loans.
The president of the World Bank urged immediate action to deal with mounting food prices that have caused hunger and deadly violence in several countries.
An important group of developing countries urged advanced nations on Friday to step up financial aid to help them deal with the severe impact of higher food and energy prices and the turmoil in global financial markets.
Rising food prices, which have caused social unrest in several countries, are not a temporary phenomenon, but are likely to persist for several years, World Bank President Robert Zoellick says.
Central bankers should pay more attention to rapid movement in house prices when setting interest rates, particularly in countries such as the U.S. with developed mortgage markets, the International Monetary Fund said Thursday.
The International Monetary Fund's directors approved a major change in its voting mechanism Friday, giving some larger developing countries more of a say in how the 185-nation lending organization operates.
The global economy faces a period of uncertainty, with risks to continued growth much higher than they were six months ago, the head of the International Monetary Fund said Monday.
Global economic leaders warned of inflation risks in advanced countries on the eve of the first World Bank meetings since Robert Zoellick took charge of an institution shaken by internal divisions and scandal.
If the world is committed to reducing poverty and achieving sustainable economic growth, the powers of using agriculture for development must be unleashed, the World Bank said Friday.
Record oil prices are having a limited impact on the global economy but the risk of economic disruption remains high, the head of the International Monetary Fund said Thursday.
The recent global credit squeeze caused by the meltdown of risky U.S. mortgage loans may test the ability of the world's economy to keep expanding, the International Monetary Fund said Wednesday.
Embattled World Bank President Paul Wolfowitz said Sunday he will continue to lead bank efforts to reduce global poverty, resisting calls to step down over his involvement in securing a huge pay increase for a close female friend.
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