Page 11 - Imf

Central bankers must be 'stubborn' in fighting inflation: IMF's Georgieva

If fiscal policy & monetary policy worked well, next year might prove less painful. But if fiscal policy was not targeted sufficiently, it could become the enemy of monetary policy, fueling inflation

IMF looks at ways to help countries affected by global food shock

About 50 nations meet the criteria, with 20 to 30 being in need "immediately," Georgieva said

Lazard in talks with China, India, Japan on restructuring Sri Lanka's debt

The three countries hold about $13 billion of Sri Lanka's debt, while China is Sri Lanka's largest bilateral creditor

IMF has to play key role for stability of global monetary system: Murmu

Top IMF official Kristalina Georgieva on Friday called on President Droupadi Murmu who said that the organisation has to play an important role in maintaining the stability of the global monetary system. Welcoming the International Monetary Fund's Managing Director to Rashtrapati Bhavan, the President said the world is passing through the third year of the COVID pandemic, and its ravages have been allayed in part by significant assistance given to many low-income countries by the IMF and the World Bank. According to a Rashtrapati Bhavan statement, Murmu said the IMF has to play an important role in maintaining the stability of the international monetary system. The President said India is one of the fastest growing major economies of the world and India's start-up ecosystem ranks high in the world. "The success of start-ups in our country, especially the growing number of Unicorns, is a shining example of our industrial progress. What is even more gratifying is that the development

PM Sharif says Imran Khan 'out to undermine Pakistan', blew up IMF deal

Miftah had also claimed that the deal with the global lender was delayed by the previous government and that, too, was poorly negotiated

US to participate in Sri Lanka's debt restructuring to help revive economy

The US has agreed to cooperate with Sri Lanka's debt restructuring as prescribed by the IMF in its staff-level agreement for a USD 2.9 billion bailout package to help revive the country's ailing economy. US Treasury Secretary Janet Yellen informed Sri Lankan President Ranil Wickremesinghe that the US as a creditor country would participate in the country's debt restructuring. The US has pledged to continue to engage with other government agencies -- the World Bank and the Asian Development Bank (ADB). Wickremesinghe's office said the US treasury department had welcomed the government's decision to seek IMF assistance. On September 1, the IMF reached a staff-level agreement to support Sri Lanka's economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about USD 2.9 billion. Sri Lanka is going through its worst economic crisis since its independence in 1948 which was triggered by a severe paucity of foreign exchange reserves. Commenting on the US' ...

FM Sitharaman stresses on timely completion of IMF 16th quota review

Finance minister Nirmala Sitharaman on Wednesday underlined the need for timely conclusion of 16th General Review of Quotas (GRQ) to provide greater say to developing economies in the International Monetary Fund. As per an IMF resolution, the 16th General Review of Quotas should be concluded by December 15, 2023. Any adjustment in quota shares would be expected to result in an increase in the voting rights of emerging countries in line with their relative positions in the world economy. Sitharaman made the comments during her meeting with MD of IMF Kristalina Georgieva who is visiting the country to discuss India's upcoming G20 presidency and IMF's support to India for the presidency. "FM Smt. @nsitharaman emphasised the importance of timely conclusion of 16th General Review of Quotas GRQ) in a way that addresses inequity and imbalances in the global economy," the finance minister said in a series of tweets. Georgieva agreed with Sitharaman that for the IMF to remain relevant, it i

IMF chief says India 'a bright spot' in an uncertain global economy

Both the leaders shared concerns on key downside risks to the global economy and the cross-border effects due to the geopolitical situation and tighter financial conditions

Europe can learn a lot on fiscal arrangements from India. But it won't

Europe is a large number of independent countries. How do you get them to cooperate within a common framework?

Crisis-hit Sri Lanka secures IMF deal, now it's courting China and India

President Ranil Wickremesinghe knows a lot of circles will need to be squared for IMF's $2.9 billion lifeline to become a reality

Sri Lanka has an IMF deal, now seeking debt relief from China and India

Spending cuts, tax hikes and debt write-downs are a common formula for bankrupt countries, but crisis veterans say there are some uniquely difficult elements here

India's external debt rises 8.2% to $620.7 bn till Mar 2022: FinMin report

While 53.2% of the debt was denominated in the US dollar, Indian rupee-denominated debt, estimated at 31.2%t, was the second largest, as per the status report released by FinMin

'Must provide jobs to those not well-educated to go beyond freebies'

Harvard Business School professor Christian Ketels says it isn't useful to think of manufacturing versus services jobs; a range of sectors need to be mobilised for job creation

IMF raises red flag over Chinese investment in Pakistan, says report

The IMF has again raised a red flag in the context of CPEC and stated that in early 2022, new investment could raise growth prospects but contingent liabilities also pose a risk to debt sustainability

IMF chief pleased that Sri Lanka reached staff-level deal for $2.9 billion

The IMF chief Kristalina Georgieva on Sunday said she is pleased the Washington-based lender and the Sri Lankan government have reached a staff-level agreement to provide about USD 2.9 billion to help the bankrupt country, terming the deal as an important step forward. The International Monetary Fund (IMF) on Thursday announced that it will provide Sri Lanka a loan of about USD 2.9 billion over a four-year period to help the island nation overcome the unprecedented economic turmoil. The bailout package is expected to boost the country's credit ratings and the confidence of international creditors and investors. Very pleased that IMF staff and Sri Lankan government officials have reached a staff-level agreement to support the country's economic policies with a 48-month Extended Fund Facility of about USD 2.9 billion, Georgieva said in a tweet. This is an important step forward for Sri Lanka, she added. The new Extended Fund Facility (EFF) arrangement will support Sri Lanka's progra

China accounts for 30% of Pakistan's foreign debt including SCBs: IMF

Chinese debt to Pakistan has been revised upwards by $4.6 billion to about $30 billion, the IMF report said, from $25.1 billion in February.

High food, petrol prices can trigger protests in Pakistan: IMF warns

Rising inflation in Pakistan, accelerating to 27.3 per cent in August -- a 47-year high -- can trigger "social protest and instability" in the cash-strapped country, the International Monetary Fund (IMF) has warned. Pakistan's inflation measured by the consumer price index (CPI) accelerated to 27.3 per cent in August this year -- the level last seen in May 1975 -- even as the full impact of unprecedented floods on the prices of food items and other commodities is yet to come. The adverse impacts of the floods and consequent disruption in food supplies will be visible in the inflation reading for the month of September, which may push the rate far higher than that of August. "High food and fuel prices could prompt social protest and instability," the IMF said in an executive summary of the seventh and eighth reviews. The IMF Executive Board earlier this week approved the seventh and eighth review of the stalled USD 6 billion Pakistan programme, and the State Bank of Pakistan (SBP) t

Sri Lanka parliament passes 2022 interim budget with 120 votes, 5 opposed

Sri Lanka's Parliament passed the interim budget presented by President Ranil Wickremesinghe for 2022 on Friday, a day after the IMF announced it will provide a loan of about USD 2.9 billion to help the crisis-hit country tide over its worst economic hardships. The budget was passed with only 5 members voting against it. Three legislators from the Janatha Vimukthi Peramuna (JVP) and two MPs from the All Ceylon Tamil Congress voted against the interim budget. A total of 115 members in the 225-member assembly voted in favor while the main opposition SJB abstained from voting. Wickremesinghe aimed for tax reforms while allowing relief to the most vulnerable groups affected by the ongoing economic crisis in the island nation. The interim budget introduced a number of tax reforms pertaining to income tax, value added tax (VAT), telecommunication levy and betting and gaming levy. VAT rate will be increased to 15 per cent from the current rate of 12 per cent with effect from September 1 t

IMF approval of financing programme mark of confidence: Zambian Prez

The Zambian President, who expressed gratitude to the international lender, said the programme will culminate in jobs, a more affordable cost of living and enhanced development prospects

Issue of creditor equatability important: India on Lanka IMF loan

With the IMF announcing a loan of about USD 2.9 billion to Sri Lanka, India on Thursday said it has been advocating assistance to the crisis-hit country and underlined that the issues of "creditor equitability and transparency" are important. The IMF on Thursday announced that it will provide Sri Lanka a loan of about USD 2.9 billion over four years under a preliminary agreement to help the bankrupt island nation tide over its worst economic crisis and protect the livelihoods of the people. Sri Lanka is going through its worst economic crisis since its independence in 1948 which was triggered by a severe paucity of foreign exchange reserves. Asked about the development, Ministry of External Affairs Spokesperson Arindam Bagchi said, "We have seen the press release by the IMF regarding the staff-level agreement...the IMF release said the objectives include restoration of macroeconomic stability, debt sustainability, protecting the vulnerables, stepping up structural reforms." "We als