Page 12 - Imf

IMF strikes $2.9 bn deal with Sri Lanka to recover from financial crisis

IMF said that the economy is expected to contract by 8.7 per cent in 2022 and inflation recently exceeded 60 per cent, of which the impact has been disproportionately borne by the poor

Pakistan looking into options to seek flood emergency loan from IMF

As per the initial estimates by the Ministry of Finance, the average inflation rate could sharply accelerate to up to 26 per cent due to the disruption in supply chain

Crisis-hit Sri Lanka strikes staff-level pact with IMF on loan: Report

The debt-laden island nation had sought up to $3 billion from the global lender as it struggles with its worst economic crisis in more than seven decades

IMF may make formal announcement on SL's bailout package tomorrow: Reports

The visiting IMF delegation is expected to conclude talks with the Sri Lankan government and make a formal announcement on Thursday on the much-awaited bailout package and staff-level agreement for the cash-strapped island nation, media reports said on Wednesday. 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. The second such visit from the International Monetary Fund (IMF) in three months comes at a time when Sri Lanka is scrambling to chalk out a staff-level agreement with the Washington-based global lender for a USD 5 billion programme, which could be the antidote for the country's current economic travails. "The IMF Mission in Colombo has been extended by one day because discussions are still ongoing with the authorities, Colombo Page news portal reported, quoting Senior Mission chief Peter Breuer, as saying. Breuer, who is an expert in debt restructuring, said his team pla

As IMF okays Pak revival plan, Sharif says 'is not an end in itself'

As International Monetary Fund (IMF) approved Pakistan's revival plan to stabilize the country's economy, Prime Minister Shahbaz Sharif has said that it "is not an end in itself".Prime Minister's remarks come after IMF executive board approved the revival of Pakistan's Extended Fund Facility (EFF) programme on Monday with which the country will receive the 7th and 8th tranche of USD 1.17 billion.Taking to Twitter, the Prime Minister said that the revival of the IMF programme is a path to the reorientation of the Pakistani economy."Revival of IMF program, though critical to our economy, is not an end in itself. It offers a pathway to reorient our economy. We will have to work hard to make it self-sufficient. Pakistan must break out of the economic straitjacket, which is only possible through structural reforms," he said.Finance Minister Miftah Ismail had tweeted, "Alhamdolillah the IMF Board has approved the revival of our EFF program. We should now be getting the 7th & 8th ...

Sri Lanka president raises IMF loan hopes, budget aims to bolster revenue

Sri Lanka's talks with the IMF on a bailout package have made solid progress, its president said

IMF revives Pakistan's EFF programme, approves $1.17-bn bailout fund

The IMF's executive board on Monday approved the revival of Pakistan's Extended Fund Facility (EFF) programme after which the cash-strapped country will receive the 7th and 8th tranche of USD 1.17 billion. Finance Minister Miftah Ismail said that the International Monetary Fund's Board has approved the revival of Pakistan's EFF program. "We should now be getting the 7th & 8th tranche of USD 1.17 billion. I want to thank the Prime Minister @CMShehbaz for taking so many tough decisions and saving Pakistan from default. I congratulate the nation," he tweeted. Pakistan and the IMF had signed the USD 6 billion deal in July 2019 but the programme was derailed in January 2020 and restored briefly in March this year before again going off the track in June. The global lender also approved to increase the loan size to around USD 7 billion and extended it till June 2023. The development follows the completion of the USD 4 billion in bilateral financing from four friendly nations, including

Pakistan eyes IMF board's crucial meeting on bailout package today

Pakistan is eyeing an important and crucial meeting of the executive board of the IMF, which is to be held today to take a decision on a bailout package for the country

Pakistan set to dodge short-term default; political turmoil grows

Pakistan needs financial help to deal with "overwhelming" floods, its foreign minister said, adding that he hoped financial institutions such as the IMF would take the economic fallout into account

Imran Khan's party trying to sabotage IMF deal, says Pak PM Shehbaz Sharif

Pakistan Prime Minister Shehbaz Sharif on Sunday accused Imran Khan's Pakistan Tehreek-e-Insaf party of trying to sabotage a deal with the IMF ahead of the Washington-based lender's crucial board meeting, asserting that self-centred politics will cause huge injustice to the country. The IMF executive board will convene on Monday to decide whether to disburse USD 1.18 billion loan tranche to Pakistan, as the country scrambles to avoid an economic collapse, amid high inflation and dwindling foreign exchange reserves. "I have never seen such self-centred politics; it will be a huge injustice with Pakistan and a big conspiracy against the country, Sharif said, while referring to the Pakistan Tehreek-e-Insaf party, on his visit to inspect flood victims in Sindh province. On Friday, Khyber Pakhtunkhwa province Finance Minister Taimur Khan Jhagra shot off a sharply-worded letter to his federal counterpart Miftah Ismail, saying it would be next to impossible to run a provincial surplus this

Faster debt relief needed as more nations seek help, says IMF's Gopinath

More countries are likely to seek debt relief as a stronger dollar makes repayments tougher, says IMF chief

After finance ministry stint, K V Subramanian starts new innings as IMF ED

The India ED also represents Bangladesh, Bhutan and Sri Lanka, along with another appointee from one of these countries

Govt appoints ex-CEA Krishnamurthy Subramanian as India ED at IMF

Subramanian is currently Professor (Finance), Indian School of Business

Gulf states to gain $1.3 trillion in additional oil revenue by 2026: IMF

The gains, due to high oil prices, are expected to provide 'firepower' to the region's sovereign wealth funds (SWFs), one of the largest in the world

IMF delegation to visit Sri Lanka this month: Central Bank Governor

The Sri Lankan government's negotiations with the IMF for a bailout package have made "good progress," the Central Bank Governor said on Thursday, indicating that a top delegation of the Washington-based lender is expected to arrive here at the end of this month to chalk out a staff-level agreement. Sri Lanka is in the midst of an unprecedented economic crisis that has led to severe shortages of fuel and other essentials. The island nation of 22 million also witnessed a major political churn in recent times following massive mass protests that forced former president Gotabaya Rajapaksa to flee the country and resign from his post. "The IMF programme is making a good progress, and an IMF mission is planning to visit Sri Lanka towards the end of this month to reach a staff-level agreement on a policy package, news portal newsfirst.lk quoted Sri Lanka's Central Bank Governor Nandalal Weerasinghe as saying. Weerasinghe said that after Sri Lanka reached a staff-level agreement with the

Capital goods production expands in June, led by capex revival

The Index of Industrial Production for June, released on Friday, showed capital goods output -- which is a barometer of investment -- rose by 26.1 per cent over the year-ago period, the sharpest among

India's Covid-19 fiscal stimulus was relatively small, say experts

With the latest round of repo rate hike by the Reserve Bank of India (RBI), all the pandemic rate cuts have now been reversed

India should gradually withdraw fiscal, monetary stimulus, says IMF

In its latest External Sector Report, IMF said India should further liberalise its investment regime accompanying it with reduction in tariffs, especially on intermediate goods

Why using CPI for REER calculation has been self-destructive for India

Given its stage and uncompetitive infrastructure, India's approach has been largely naïve or self-destructive

Additional 30 bn taxes in Pakistan to prevent oil and gas payments default

Pakistan's government has decided to impose an additional PKR 30 billion as taxes as it scrambles to arrange PKR 100 billion emergency funding to avoid international default on oil and gas payments.