International Monetary Fund

Lebanese Politicians Fail to Agree on Forming Government

Lebanon’s effort to form a new government is not going well. Virtually every administration official except President Michel Aoun resigned soon after the August 4 explosion that devastated the city of Beirut. The search for a new prime minister appears to be deadlocked by Lebanon’s factional rivalries and resistance to reform, even as the country’s already shaky economy teeters on the edge of utter ruin.

NEW YORK, NY - SEPTEMBER 25: President of Lebanon Michel Aoun arrives to address the United Nations General Assembly at UN headquarters on September 25, 2019 in New York City. World leaders from across the globe are gathered at the 74th session of the UN General Assembly, amid crises ranging …

Arab Gulf Economies Take Massive Hit with Oil Price Crash

BAGHDAD — Iraq is planning painful cuts in social benefits relied on by millions of government workers. Saudi Arabia will likely have to delay mega-projects. Egypt and Lebanon face a blow as their workers in the Gulf send back less of the much-needed dollars that help keep their fragile economies afloat.

AP Photo/Hasan Jamali

IMF Suspends Work with Venezuela over Distrust of Maduro Economic Data

The International Monetary Fund (IMF), of which the U.S. is the dominant stakeholder, confirmed on Thursday it had suspended its work with the anti-American socialist regime of Nicolás Maduro since the end of January due to the South American nation’s financial woes and deteriorating political and humanitarian conditions.

The move comes as President Nicolás Maduro (pictured) has clamped down on political opposition and consolidated power in his government’s hands. | Federico Parra/AFP/Getty Images.