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The International Monetary Fund on Tuesday shaved projections for global economic growth for this year and next to take into account sharp government spending cuts in the United States and the latest struggles of recession-stricken Europe.

The International Monetary Fund will contribute 1 billion euros ($1.29 billion) over three years to the 10 billion euro bailout for Cyprus, IMF Managing Director Christine Lagarde said in a statement on Wednesday.

A lawyer for IMF chief Christine Lagarde says French investigators have searched her Paris home today as part of an inquiry into her role in a $400 million arbitration deal in favor of a tycoon. The laywer, Yves Repiquet (eev ruh-PEE-kay), says Lagarde has nothing to hide and he welcomed Wednesday's search as another step in proving her innocence.

The fund said that growth is hardly expected to snap back to pre-crisis levels of 4.5 to 5.5 percent in the coming years.

The International Monetary Fund, at the urging of the United States, shaped recent research to pressure China over its economic policies, according to a study released Wednesday by the fund’s in-house watchdog.

Former International Monetary Fund leader Dominique Strauss-Kahn and a New York City hotel maid have signed a settlement of her sexual-assault lawsuit.

Dominique Strauss-Kahn, the former head of the International Monetary Fund, is reportedly settling a lawsuit brought against him by a woman who accused him of sexual assault.

The question is whether that’s 10 years from now, or 10 years from 2008, which means we have six more years until the world economy truly recovers from the 2008 housing and derivatives bubble that first exploded in the Manhattan offices of Bear Stearns and Lehman Brothers. That’s the view of International Monetary Fund chief economist Oliver Blanchard.

French prosecutors say they are dropping an investigation into former IMF chief Dominique Strauss-Kahn over a "gang rape" alleged to have taken place in Washington. The woman who made the complaint has retracted her evidence, they added. Mr Strauss-Kahn, 63, is still under investigation with three other men over their alleged roles in a prostitution ring. He denies the allegations.

Turkey and Poland will for the first time hold seats on the International Monetary Fund's executive board under a political agreement reached in recent weeks.