Page 18 - Imf

India, China to account for half of global economic growth: IMF chief

The IMF chief on Thursday said that the world economy is expected to grow at less than 3 per cent this year, with India and China expected to account for half of global growth in 2023. International Monetary Fund (IMF) managing director Kristalina Georgieva warned that a sharp slowdown in the world economy last year following the raging pandemic and Russia's military invasion of Ukraine would continue this year. The period of slower economic activity will be prolonged, with the next five years witnessing less than 3 per cent growth, our lowest medium-term growth forecast since 1990, and well below the average of 3.8 per cent from the past two decades," she said. Some momentum comes from emerging economies Asia especially is a bright spot. India and China are expected to account for half of global growth in 2023. But others face a steeper climb, she explained. After a strong recovery in 2021 came the severe shock of Russia's war in Ukraine and its wide-ranging consequences global

SL to finalise negotiations with creditors before 1st review of IMF bailout

Sri Lanka has received the first tranche of about $330 million from the IMF, and this has not only eased liquidity conditions in the domestic foreign currency market

India has built a world-class digital public infrastructure, says IMF

The IMF paper said that a set of enabling policies in the financial and telecommunications sector also supported the uptake of India Stack

Pakistan raises benchmark interest rate by 100 bps as IMF Loan in Limbo

The overall balance of payments position continues to remain under stress, with foreign exchange reserves still at low levels, the central bank said

Sri Lanka key rate 2-decade high at 16.5% after clinching IMF loan

The Central Bank of Sri Lanka kept the standing lending facility rate unchanged at 16.5%, according to a statement on its website on Tuesday

Ukraine receives first tranche of $2.7 billion financial aid from IMF

Ukraine has received the first tranche of USD 2.7 billion from a new International Monetary Fund (IMF) EEF program, CNN reported quoting Ukrainian Finance Minister Sergii Marchenko

Currency dealers offer $24 bn in loans to Pak to stay away from IMF package

Currency dealers in open market in Pak have offered loans of $24 billion to the government for the next two years to help it stay away from the International Monetary Fund (IMF) programme

Any major assistance to Lebanon depends on the IMF deal: European Union

A European Union official visiting Lebanon said on Friday that the international body will increase its humanitarian assistance to the crisis-struck country, but that more significant long-term aid depends on reforms and a deal with the International Monetary Fund. EU Commissioner for Crisis Management Janez Lenarcic said at a press conference following his two-day visit that the EU will provide 60 million euros (more than USD 65 million) in humanitarian assistance to Lebanon in 2023, a 20 per cent increase from last year. But he warned that such aid is "not a sustainable long-term solution to the massive financial crisis that has left three-quarters of Lebanon's population of 6 million in poverty. To get out of the crisis, he said, Lebanon needs to elect a president -- which would resolve a presidential vacuum that has dragged on for five months - and to ink a deal with the IMF, which he said would unlock substantial financial support also from the European Union that should help .

Saudi Arabia signals readiness to provide more credit to Pakistan

Pakistan claimed that it received an indication from Saudi Arabia for additional loans that may help to break gridlock with the International Monetary Fund (IMF)

Supporting Ukraine

New IMF loan raises questions

Where in the world is the IMF?

It is not a central player today as the world deals with inflation and financial instability and countries hurtle towards debt crisis. It must be revamped and strengthened to play that role

G-20 sets up an expert panel on multilateral institution reforms

NK Singh, Larry Summers to head the expert group

Global financial stability at risk from banking turmoil: IMF chief

Adding to a growing chorus of warnings from economic leaders, the IMF chief said it was clear that risks to financial stability had increased after the recent collapse of Silicon Valley Bank

World may split into rival economic blocs, it'll make all poorer: IMF chief

The IMF predicted growth of 2.9 per cent this year, and will release new forecasts next month

Pak receives $2 bn rollover deposits from China to get IMF bailout: Report

Cash-strapped Pakistan has received a rollover of USD 2 billion in deposits for a period of one year from its all-weather ally China to help Islamabad get a much-required bailout from the IMF to stabilise its economy, a media report said on Friday. The rollover, which basically is not a loan but a financial deposit to be kept at Pakistan's central bank for a period of one year, is one of the requirements of the International Monetary Fund (IMF) in meeting its external financing needs in order to move towards inking the staff-level agreement, The News International reported. Minister for Finance Ishaq Dar confirmed the development. Yes, Dar was quoted as saying in a brief response when asked about getting a rollover of USD 2 billion SAFE (State Administration of Foreign Exchange) deposits from China. Pakistan and the IMF have been negotiating the release of a USD 1.1 billion loan since February but so far without any success due to the tough conditions by the donor which Pakistan is

IMF, World Bank to convene next sovereign debt roundtable for April 3

The meeting comes amid continued delays in securing debt treatment agreements for Zambia, Ghana, and Ethiopia that US officials and others blame on foot-dragging by China

Sri Lanka receives first tranche of $330 million IMF bailout programme

Sri Lanka has received USD 330 million as the first tranche of the IMF bailout programme, which will pave the way for the debt-ridden country to achieve better "fiscal discipline" and "improved governance," according to President Ranil Wickremesinghe. The International Monetary Fund (IMF) on Tuesday approved a USD 3 billion bailout programme to help Sri Lanka overcome its economic crisis and catalyse financial support from other development partners, a move welcomed by Colombo as a "historic milestone" in the critical period. Sri Lanka has been hit hard by a catastrophic economic and humanitarian crisis, sparked by years of mismanagement and the raging pandemic. The cash-strapped country has received the first tranche of USD 330 million of the IMF Extended Fund Facility (EFF), Daily Mirror Lanka newspaper quoted state finance minister Ranjith Siyambalapitiya as saying. "This sets the stage for the country to achieve better fiscal discipline and improved governance," President ...

Without reforms, the country could see hyperinflation: IMF warns Lebanon

The International Monetary Fund gave a grim assessment on Thursday of Lebanon's prospects for getting out of its deepening financial crisis, saying that without reforms, the country is headed for hyperinflation. Since late 2019, tiny Lebanon has fallen into the worst economic crisis in its modern history, rooted in decades of corruption and mismanagement by a political class that has ruled the country since the end of the 1975-90 civil war. Three-quarters of Lebanon's population of over 6 million, including a million Syrian refugees, now lives in poverty and inflation is soaring. Ernesto Ramirez Rigo, the head of the IMF mission visiting Lebanon, said at a news conference on Thursday that continued inaction by Lebanese leaders would leave the nation in a never-ending crisis in which it could spiral into hyperinflation, affecting the quality of life of many Lebanese for years to come. The IMF visit came as progress towards finalizing a sorely needed IMF bailout package for the ...

IMF facility debunks Sri Lanka's bankrupt status: President Wickremesinghe

President Ranil Wickremesinghe told Parliament on Wednesday that the IMF bailout had restored Sri Lanka's international recognition, ending the image of bankruptcy and helping the local banks regain foreign investors' confidence. The IMF board had on Tuesday approved a USD 3 billion facility over a four-year period to help Sri Lanka emerge from its balance of payment crisis which plagued the island since April last year. Wickremesinghe said the bailout would create opportunities for low-interest credit, restore foreign investors' confidence, and lay the foundation for a strong new economy. The receipt of the IMF Facility is a step towards building a better future for the youth and uplifting the country. Additionally, the country is expecting about USD 7 billion dollars more in rapid credit support from other parties. Amidst numerous hardships, bearing all kinds of pressure, and undergoing suffering with equanimity, the people of this country remained calm and patient. Their commit

Ukraine clinches $15.6 billion IMF loan, a first for nation at war

The program will be divided into two phases. In the first, lasting 12-18 months, Ukraine will take measures to strengthen fiscal, external, price and financial stability