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India's inclusive growth lauded by international community: K Subramanian

The world is bullish on India, the country's top economist, currently executive director of the International Monetary Fund has said, noting that India's public digital infrastructure and inclusive growth is not only being talked about but also applauded by the international community. I think the Indian economy has been growing overall very well. Post-COVID, the growth rate has consistently been seven per cent. Of course, there's been a little bit of a dip this quarter. Partly it is because of the slowdown in capital expenditures. That itself is because of some of the election cycles. Also, there's been some impact on exports. But I expect this dip to be temporary, Krishnamurthy V Subramanian, Executive Director at IMF. From the vantage point that I've been sitting on the IMF board, I have no hesitation in saying the world is bullish on India. The kind of public digital infrastructure that India has enacted, is something that almost every of my board colleagues often finds a mention

Saudi Arabia extends $3 billion loan to Pakistan for another year

Saudi Arabia has extended the USD 3 billion debt repayment period with Pakistan for another year after the cash-strapped nation could not pay the debt, the country's central bank has said. The term of the deposit was maturing on Thursday. The State Bank of Pakistan stated that Saudi Arabia had placed the USD 3 billion deposit initially for one year in 2021 and subsequently rolled over it in 2022 and 2023, after the issuance of the royal directives that reflect the continuation of the close relationship between the two brotherly countries, the Express Tribune reported. It was the first extension in a series of debt extensions, which Pakistan would need from now till the end of June next year to avoid at least USD 13 billion more repayments to Saudi Arabia, China and the United Arab Emirates. Another USD 2 billion Saudi cash deposit will be maturing by mid-June next year, which Pakistan will again not pay back and get a rollover, said the Finance Ministry sources. "The Saudi Fund for

IMF's handling of large loans to troubled nations under scrutiny

The fund's Independent Evaluation Office studied roughly 20 years of lending under the so-called Exceptional Access Policy and prepared a set of recommendations

Rising sick days are costing European businesses billions every year

As companies struggle with chronic shortages, critics blame an overly generous welfare system, where spending on health-related benefits outranks other developed nations

After Q2 GDP surprise, agencies downgrade India's FY25 growth forecast

Key metrics, such as goods and services tax (GST) collection, e-way bills, and toll revenues, increased in October

IMF approves third review of Sri Lanka's $2.9 bn bailout, warns of risks

Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70 per cent, its currency to record lows

IMF flags Pak's tax shortfall among major concerns in $7 bn loan package

The IMF has flagged Pakistan's tax shortfall and a delay in materialising foreign loans, among other issues, as challenges in implementing the USD 7 billion loan package. At the end of the International Monetary Fund (IMF) mission, which for five days held in-depth meetings with Pakistan officials about the implementation of conditions linked with the loan, the global lender also expressed concerns about Punjab's new agriculture income tax law which is still not fully aligned with the federal legislation and deviated from the National Fiscal Pact, The Express Tribune reported. A source said the IMF mission flagged two major concerns on Friday: the Federal Board of Revenue (FBR) 's underperformance and a delay in finalising the loans to fill the USD 2.5 billion gap. The global lender again asked Pakistan to contact Riyadh to secure oil on deferred payments and request Beijing to reschedule debt. In addition, the IMF had concerns about the delay in the privatisation of the power ...

Pak's delay in materialising loans concern in implementation of loan: IMF

The IMF has flagged Pakistan's tax shortfall and a delay in materialising foreign loans, among other issues, as challenges in implementing the USD 7 billion loan package. At the end of the International Monetary Fund (IMF) mission, which for five days held in-depth meetings with Pakistan officials about the implementation of conditions linked with the loan, the global lender also expressed concerns about Punjab's new agriculture income tax law which is still not fully aligned with the federal legislation and deviated from the National Fiscal Pact, The Express Tribune reported. A source said the IMF mission flagged two major concerns on Friday: the Federal Board of Revenue (FBR) 's underperformance and a delay in finalising the loans to fill the USD 2.5 billion gap. The global lender again asked Pakistan to contact Riyadh to secure oil on deferred payments and request Beijing to reschedule debt. In addition, the IMF had concerns about the delay in the privatisation of the power ...

Cross-border challenges widen wealth gap between Europe, US: IMF study

If trade barriers between EU countries were lowered to the level that existed between US states, it would boost European productivity by seven percentage points

Pak faces IMF scrutiny as bailout programme review may shift to quarterly

A quarterly review would allow for continuous oversight of the approximately 40 conditions outlined in the $7 billion agreement

IMF holds key talks with Pakistan on $7bn bailout amid fiscal concerns

Sources in the finance ministry said the Nov 11-15 visit will discuss recent developments and program performance to date, adding the mission was not part of the first review

IMF to assess Pak's external financing needs during review discussions

The IMF's unscheduled performance review discussions in Pakistan next week will primarily focus on the materialisation of new foreign loans to the country to fill nearly USD 2.5 billion in external financing gap for this fiscal year, according to a media report. The International Monetary Fund will assess Pakistan's external financing needs during these discussions, as some planned loans have not yet been secured, according to government sources. According to The Express Tribune newspaper, led by Nathan Porter, the IMF Mission Chief, the talks will formally begin on Tuesday, with an opening session also planned with Finance Minister Muhammad Aurangzeb. The mission's arrival in Pakistan is unscheduled, as the first formal review for the release of the second USD 1.1 billion tranche is slated for March 2025. Pakistan faces delays in obtaining loans from bilateral creditors, complicating efforts to bridge its external financing gap. The Washington-based global lender previously estima

Investment, private consumption driving India's growth: IMF report

The IMF kept its GDP growth forecasts for India unchanged at 7 per cent for FY25 and 6.5 per cent for FY26 in its World Economic Outlook

IMF's $7 billion bailout at risk as Pakistan's economy continues to weaken

The fundamental assumptions used to finalise the USD 7 billion deal with the IMF have gone awry within a month of its approval, leaving the authorities concerned with an option either to renegotiate the package or keep suffocating the economy through more taxes, according to a media report on Thursday. Official statistics show that out of four key underlying assumptions for achieving the nearly Rs 13 trillion tax target - the economic growth rate, inflation, large-scale manufacturing and imports three assumptions have already been proven wrong by the end of the first quarter of the current fiscal year. The federal government has also overly committed on behalf of the four provincial governments that, too, are struggling to meet their conditions soon after the deal became effective. The Express Tribune newspaper reported that the official statistics for the first quarter (July-September) revealed that from the Federal Board of Revenue's tax collection target to provincial cash ...

Economic leaders face era of industrial policy threatening growth prospects

Policymakers brace for more protectionism and demise of 'neoliberalism' if Trump is re-elected in the US

Need fair sovereign ratings for capital access: Sitharaman at IMF meeting

Finance Minister Nirmala Sitharaman urged greater engagement with credit rating agencies to improve rating methodologies

FM Nirmala Sitharaman calls for deeper dialogue on global sovereign debt

At roundtable in Washington DC, she cautions against contingency financing instruments

IMF chief warns of global risk of slow growth, urges China to push reforms

The world economy, buffeted by conflict and growing geopolitical rivalries, is in danger of getting stuck in a slow-growth, high-debt rut, the head of the International Monetary Fund warned on Thursday. She also urged Chinese leaders to take more decisive action to jump-start their country's sluggish economy or risk seeing economic growth plummet. These are anxious times,' the fund's managing director, Kristalina Georgieva, told reporters during the fall meetings of the IMF and its sister agency, the World Bank. The IMF forecasts that the global economy will expand this year at what Georgieva called an anemic' 3.2 per cent. Global trade is lackluster at a time of conflict and growing geopolitical tension including frosty relations the world's two largest economies, the United States and China. Trade is no more a powerful engine of growth,' she said. "We live in a more fragmented global economy.' At the same time, many countries are struggling with debts they took on to combat the

Rachel Reeves aims for economic reset in UK's Budget ahead of IMF meetings

Britain's finance ministry said Reeves would support proposals in Washington to expand development financing for poorer countries to meet the United Nations' sustainable development goals and encourag

Global fight against high inflation is 'almost won': IMF chief economist

The global war against inflation has largely been won and at surprisingly little cost to economic growth, the International Monetary Fund declared Tuesday. In its latest assessment of the global economy, the IMF predicted that worldwide inflation will cool from 6.7% last year to 5.8% this year and to 4.3% in 2025. It estimates that inflation will fall even faster in the world's wealthy countries, from 4.6% last year to 2.6% this year and 2% the target range for most major central banks in 2025. The slowdown in inflation, after years of crushing price increases in the aftermath of the pandemic, led the Federal Reserve and the European Central Bank to cut interest rates this year after they had aggressively raised them to try to tame inflation. The battle against inflation is almost won,? Pierre-Olivier Gourinchas, the IMF's chief economist, told reporters Tuesday. In most countries, inflation is hovering close to central bank targets.? Inflation had accelerated when the world ...