Britain's economy is teetering on the brink of recession amid soaring inflation, a leading statistical body warns.

The International Monetary Fund has cut growth outlooks for the United States and other major industrial powers.

The IMF says lower oil prices amid the coronavirus pandemic will cause the sharpest economic contractions this year among the major oil producers in the Middle East and Central Asia.

Latest IMF data shows Iran’s GDP would outdo that of regional oil-producing peers this year.

Lebanon appoints Charbel Wehbe, the diplomatic advisor of President Michel Aoun, as the new foreign minister.

Lebanon plans to seek International Monetary Fund aid after approving an economic rescue plan setting out vast losses in its financial system as it aims to chart a way out of a crisis seen as the biggest risk to stability since the 1975-90 civil war.

Russia has blasted the US for preventing the International Monetary Fund from granting loans to Iran and Syria amid the COVID-19 outbreak.