Page 12 - Imf

IMF sets mid-September dates for Sri Lanka's $2.9 billion bailout review

The IMF will conduct the first review of the USD 2.9 billion bailout to Sri Lanka from September 11-19, state minister of finance Ranjith Siyambalapitiya said on Saturday and declared that the country has successfully fulfilled the nine conditions set by the global lender. Sri Lanka was hit by its worst economic crisis in history when the country's foreign exchange reserves fell to a critical low and the public came out on the streets to protest the fuel, fertilisers as well as essential commodities shortage. The country has to finalise its external and domestic debt restructuring by September when the International Monetary Fund (IMF) carries out its first review of the USD 2.9 billion bailout granted in March this year. The eight-day review is to happen from September 11 to 19, Siyambalapitiya said. The central bank, the ministry of finance and the minister of finance would be involved in the review. We had to fulfil nine pre-conditions which we successfully did. The arrangement

RBI Governor Das pitches for expeditious completion of quota review at IMF

Reserve Bank Governor Shaktikanta Das on Friday pitched for the "expeditious completion" of the general review of quotas at the International Monetary Fund (IMF), pointing out that the same can help the body help distressed countries better. Speaking at a seminar on global economy organised by the Ministry of Finance and the Reserve Bank of India (RBI) here, Das said recent experience suggests countries facing financial difficulties go to other bodies beyond the IMF because of "perceived stigma" or lack of access. "A bigger and stronger IMF that is capable of managing the levels of country risks assumes crucial importance," Das said. He noted that since the IMF support to a country is linked to quota size of countries, "the sixteenth general review of quotas and its attendant requirements, including governance reform needs to be completed expeditiously". Further, Das said there is a need to be mindful of the financial implications of green transition. According to him, there is al

Our economy is fastest growing: FM Sitharaman during the no-trust debate

In just nine years, the economy rose and saw economic development due to the policies of BJP government,' Nirmala Sitharaman said in Lok Sabha

IMF seeks explanation from Pakistan for not imposing tax on big shops

Pakistan's Federal Board of Revenue (FBR) chairman confirmed that the IMF sought an explanation for not imposing a tax on big shops

Pak imposed PKR 215 bn additional taxes to meet IMF condition: Ishaq Dar

Although Pakistan was able to secure the IMF deal just in time, the conditions imposed by the body are turning out to be tedious to implement

Challenging environment

Global economy will affect India's prospects

Top headlines: IMF ups GDP forecast, L&T board approves buyback, and more

Business Standard brings you the top headlines at this hour

IMF raises India's FY24 GDP growth forecast by 20 basis points to 6.1%

Agency also revises upward growth outlook for global economy by 20 basis points for 2023 to 3%

India's rice restrictions could fuel food price inflation: IMF economist

India's move to restrict exports of certain types of rice could help exacerbate food price inflation and should be reversed, IMF chief economist Pierre-Olivier Gourinchas said on Tuesday

IMF pitches for the inclusion of India in international bond indices

Inclusion in a global bond index is also expected to exert pressure on the government to adhere to fiscal discipline and ensure that its bonds retain investment grade

Pakistan facing 'exceptionally high' economic challenges, says IMF

The IMF assessment noted that Pakistan's economic challenges were complex and multifaceted, and risks were exceptionally high

Inflation could remain high for longer: IMF director Kristalina Georgieva

Georgieva said inflation could remain higher for longer, requiring even more monetary policy tightening.

More optimistic about India now than 'in a long time': WB chief Ajay Banga

World Bank president Ajay Banga on Monday said amid global challenges, he is more optimistic about India and its economy now than he has been "in a long time". Talking to the media on the sidelines of the third G20 Finance Ministers and Central Bank Governors meeting here, the first-ever Indian-American to head the top global financial institution said the world economy is in a difficult place. Banga (63) showered praises on India for its digital infrastructure, saying he is a "big fan" of such initiatives taken by the world's fifth largest economy. "I am more optimistic about India, as a whole, economically, than I have been for a long time. The fact is that the world economy is in a difficult place. It has outperformed what everybody thought. But it does not mean that it won't be more challenging. The IMF forecast, the World Bank forecast are that the world will get a little challenging over the next year or so," he said at the Mahatma Mandir Convention Centre, where the G20 ...

Mixed picture: IMF sees 'resilience', slowing momentum in global economy

G20 countries also need to tighten fiscal policy to ensure debt sustainability, create fiscal space and to help support disinflation by reducing aggregate demand, the Fund said.

Pakistan receives $1.2 bn first tranche from IMF bailout: FM Ishaq Dar

The IMF has transferred USD 1.2 billion to Pakistan, Finance Minister Ishaq Dar said on Thursday, a day after the global lender approved a USD 3 billion bailout programme for the cash-strapped country. The International Monetary Fund (IMF) gave a final nod to the USD 3 billion bailout programme on Wednesday to support the government's efforts to stabilise the country's ailing economy. Addressing the media, Dar said when the Standby Arrangement (SBA) was finalised, it was decided that USD 1.2 billion would be given upfront while the "balance amount" of USD 1.8 billion would be handed over after two reviews in November and February. "I want to share the information that the upfront payment of USD 1.2 billion, the IMF has transferred it to the State Bank of Pakistan's (SBP) account," he was quoted as saying by the Dawn newspaper. The finance minister said that the IMF's Executive Board had approved the SBA with Pakistan and noted that this was a nine-month programme under which Islama

IMF sees 'pockets of resilience,' slowing momentum in global economy

Reduced supply chain disruptions and lower goods demand means likely disinflationary pressures from goods, the IMF said

Pakistan gets final IMF nod for $3 bn bailout plan to aid ailing economy

In a relief to cash-strapped Pakistan, the International Monetary Fund (IMF) on Wednesday gave a final nod to a much-awaited USD 3 billion bailout programme for the country to support the government's efforts to stabilise the ailing economy. The development came two weeks after the two sides reached a staff-level agreement over the stand-by arrangement. "The Executive Board of the International Monetary Fund (IMF) approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of SDR2,250 million (about USD 3 billion, or 111 per cent of quota) to support the authorities' economic stabilisation programme, the global lender said in a statement. "The arrangement comes at a challenging economic juncture for Pakistan. A difficult external environment, devastating floods, and policy missteps have led to large fiscal and external deficits, rising inflation, and eroded reserve buffers" in the fiscal year 2023," the IMF said in the statement. The Dawn newspaper reported that the ..

Pakistan gets $1 bn from UAE to boost its reserves: Finance Minister Dar

Pakistan on Wednesday received USD 1 billion from the UAE to boost its reserves, a day after Saudi Arabia transferred USD 2 billion to the country's central bank in the wake of a deal with the International Monetary Fund. Finance Minister Ishaq Dar announced the transfer of funds by the Gulf nation on the eve of the board meeting of the IMF to approve a USD 3 billion Stand-by Agreement. "We received confirmation some time ago that our brother country, our friend, the UAE has deposited USD 1 bn to the State Bank's account. The Federal Reserves Bank has confirmed that this amount has been credited to the (SBP's) account, he said in a video message shown live on television. Dar said the funds received from Saudi Arabia and the UAE this week had collectively "increased the country's reserves by USD 3 bn in two days" which would reflect in the weekly update of foreign exchange reserves due to be issued on July 14. He thanked the UAE leadership on behalf of Prime Minister Shehbaz Sharif,

Cash-strapped Pakistan assures IMF of $8 bn external payments: Report

Cash-strapped Pakistan has provided the IMF with a financing plan for external payments, in which it has informed the global lender that it will arrange USD 8 billion for the purpose instead of USD 6 billion, according to a media report on Saturday. The Pakistan government and the International Monetary Fund (IMF) reached a long-awaited staff-level agreement on June 29 to inject USD 3 billion Standby Arrangement (SBA) into the ailing economy after months-long negotiations that pushed the country to the brink of default. The Executive Board of the IMF will meet on July 12 to review the SBA for Pakistan According to sources in the finance ministry, the IMF had asked Pakistan for assurances of USD 6 billion for external payments, The Express Tribune newspaper reported. However, the sources added that Pakistan had given the IMF assurances of USD 8 billion for external payments. The sources said China would provide USD 3.5 billion to Pakistan of which Islamabad would keep USD 2 billion

IMF board to meet on July 12 to review Pakistan's loan agreement

The IMF's executive board is set to meet on July 12 to review the USD 3 billion Standby Arrangement with cash-strapped Pakistan and will also possibly release the first tranche of USD 1.1 billion as part of the loan programme, a media report said on Wednesday. The Pakistan government and the International Monetary Fund (IMF) reached a long-awaited staff-level agreement on June 29 to inject USD 3 billion into the ailing economy after months-long negotiations that pushed the country to the brink of default. The nine-month Stand-by Arrangement (SBA), if approved, will bring USD 3 billion, or 111 per cent of Pakistan's IMF quota which will ease the country's financial crisis, the Dawn newspaper reported from Washington. The initial disbursement is contingent upon the board's approval as the country continues to grapple with a severe balance of payments crisis and declining foreign exchange reserves. Pakistan was absent from an earlier schedule released in June, igniting speculation tha