Page 21 - Imf

Pakistan govt approves new tax on electricity to meet IMF conditions

Pakistan is moving swiftly to pacify the IMF with the approval of a new tax on electricity users, including farmers, to raise an additional Rs 170 billion in revenue to meet the conditions of the global lender, according to a statement. The International Monetary Fund delegation held 10-day marathon talks with Pakistan officials here to release the next tranche of USD 1.1 billion out of an already agreed loan but left on Thursday for Washington without signing a staff-level agreement. Finance Minister Ishaq Dar, who had led the Pakistan side in talks, told the media on Friday that prior actions were needed as the two sides would resume the talks in virtual mode from Monday. Hours later, the minister chaired the meeting of the Economic Coordination Committee (ECC) of the cabinet which approved the imposition of a special financing surcharge of Rs 3.39 per unit in average power tariff in addition to quarterly tariff adjustments of up to Rs 3.21 per unit for one year and recovery of ..

Pakistan, IMF fail to reach common ground on $1.1 billion bailout loan

The $6 billion bailout package has been repeatedly stalled after former Pakistan prime pinister Imran Khan-led government reneged on subsidy agreements and failed on its tax collection commitments out

In final stages of negotiations with IMF on bailout package: SL President

President Ranil Wickremesinghe on Thursday said Sri Lanka was in the final stages of negotiations with the IMF on the much-awaited USD 2.9 billion bailout package that could help the debt-trapped island nation recover from the unprecedented economic crisis. Wickremesinghe also said that his government was having "direct discussions" with Beijing to restructure the country's debts with China. The International Monetary Fund (IMF) in September last year approved Sri Lanka the USD 2.9 billion bailout package for over 4 years pending the island nation's ability to restructure its debt with creditors -- both bilateral and sovereign bond holders. By the end of June 2022, Sri Lanka owed nearly USD 40 billion to bilateral, multilateral and commercial loans, according to the figures released by the Sri Lankan Treasury. With assurances from creditors, the USD 2.9 billion facility could get the IMF board approval in March, officials said. The IMF facility would enable Sri Lanka to obtain ...

Debt talks in focus at G20 finance meet: FM Sitharaman tells IMF chief

Indian Finance Minister Nirmala Sitharaman and IMF's Kristalina Georgieva also discussed regulating crypto assets

China's FM, central bank governor to attend debt roundtable in India: IMF

China has to change its policies because low income countries cannot pay: IMF Managing Director Kristalina Georgieva

Pakistan set to bow to IMF's demands as forex reserves drop to $3.08 bn

IMF team which rejected the Sharif government's plan to manage the circular debt, has asked the cash starved Pakistan to end the unbudgeted power subsidies amounting to (Pakistani) Rs 675 billion

'Beyond imagination': Pakistan PM on IMF fund bailout conditions

Pakistan Prime Minister Shehbaz Sharif said on Friday the International Monetary Fund (IMF) was giving his country a "tough time" over unlocking stalled funding from a $6.5 billion bailout

Central banks should stick to 'higher for longer' rate approach: IMF

The S&P has risen more than 7% this year and is up more than 15% from its low in mid-October

IMF projects slowdown in Pakistan's GDP from 3.5% to 2%, shows report

The International Monetary Fund projected a slowdown in the Gross Domestic Product (GDP) from 3.5 per cent to 2 per cent for the current fiscal, The News International reported

Pakistan's economic turmoil moves toward deal-or-default endgame: Analysis

A devaluation of 15% in the Pakistani rupee and a rise last week in fuel prices could help eliminate some key snags, particularly as tax measures are apparently imminent

Latest LIVE: 12 dead in massive fire at multi-storey building in Dhanbad

Catch all the latest Budget 2023-24 news and updates here

Britain only major industrialised country to see its economy shrink in 2023

Britain is expected to be the only major industrialised country to see its economy shrink this year after the impact of Liz Truss' brief premiership prompted a sharp growth downgrade from IMF

Emerging mkts growth slowdown bottomed out in 2022, but risks remain: IMF

Some 15% of low-income countries are estimated to be already in debt distress and 45% more are at high risk of getting there, with 1-in-4 emerging market economies also at high risk

Inflation in India expected to come down to 5% in 2023 and 4% in 2024: IMF

Inflation in India is expected to come down from 6.8 percent in the current fiscal year ending March 31 to 5 percent the next fiscal, and then drop further to 4 percent in 2024, the International Monetary Fund (IMF) said on Tuesday. Inflation in India as in other countries is expected to come down from 6.8 percent in 2022 to 5 percent in 2023 and then 4 percent coming towards the target in 2024, Daniel Leigh, Division Chief, Research Department of the IMF told reporters here. That partly reflects the central bank's actions, he added, According to the World Economic Outlook update released by the IMF on Tuesday, about 84 percent of countries are expected to have lower headline (consumer price index) inflation in 2023 than in 2022. Global inflation is set to fall from 8.8 percent in 2022 (annual average) to 6.6 percent in 2023 and 4.3 percent in 2024 -- above pre-pandemic (201719) levels of about 3.5 percent, it said. The projected disinflation partly reflects declining internationa

IMF lifts 2023 growth forecast on China reopening, strength in US, Europe

The IMF said global growth would still fall to 2.9% in 2023 from 3.4% in 2022, but its latest World Economic Outlook forecasts mark an improvement over an October prediction of 2.7%

Top headlines: India,China to drive 2023 growth, PLI scheme to be extended

Business Standard brings you the latest headlines at this hour

Pak's deepening political-eco crisis may spill over into region: Experts

As dwindling forex reserves, nationwide power outages, stampedes at state-run food distribution centres and a Pakistani rupee, which plunged nearly 50 per cent in a year to 260 to the US dollar on Monday, propels the neighbouring country towards being an international "basket case", Indian analysts believe there could be serious consequences for the region. Amid this economic crisis, the Shahbaz Sharif government will begin crucial negotiations with the Washington-based IMF (International Monetary Fund) for a bail-out package on Tuesday which may come with "tough and possibly politically risky" pre-conditions of austerity, feeding into a bigger political crisis, they said. The risk for India would not only be instability in Pakistan with its fall-out of rising extremism in the region but also unpredictable actions which could include bids to divert domestic public attention by focussing on an external enemy. "The current economic crisis is feeding into the ongoing political crisis .

Green debut

Green bonds can help lower borrowing cost

Ahead of crucial talks, IMF spots Rs 2 trn breach in Pak's budget estimates

Ahead of its crucial talks with the cash-strapped Pakistan government, the IMF has found an over Rs 2,000 billion breach in budgetary estimates for 2022-23 in its initial assessment that might result in escalating the budget deficit and primary deficit targets with a massive margin. Pakistan and the International Monetary Fund (IMF) officials are scheduled to kick-start parleys from Tuesday for accomplishing the ninth review under the Extended Fund Facility during which the fiscal slippages and reconciliation of figures will be the major topic of discussion. The review would lead to the release of the next tranche of funds to Pakistan which has been pending since September. The government had envisaged a budget deficit target of 4.9 per cent of the gross domestic product (GDP) and a primary deficit to keep it at positive 0.2 per cent of the GDP on the eve of the budget announcement for 2022-23. According to sources quoted by The News, the IMF is currently asking Pakistani authoriti

IMF delegation to visit Pakistan next week for talks on review: Official

The Pakistani rupee has dived to a historic low against the United States dollar after an exchange cap was lifted as the cash-strapped country seeks the help from IMF