Page 2 - Imf

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

Lanka economic crisis: From protests to IMF's $3-billion rescue

The IMF has approved a nearly $3-billion bailout which could help the country unlock up to $7 billion more from other lenders

LIVE: Strong earthquake tremors felt in Delhi, other parts of north India

Catch all the latest news updates from across the globe here

IMF approves $3 bn in financial assistance for Sri Lanka to overcome crisis

The International Monetary Fund on Monday approved USD 3 billion in financial assistance to debt-ridden Sri Lanka to help it immediately overcome its economic crisis. IMF's Executive Board approved on Monday a 48-month extended arrangement under its Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 per cent of quota or about USD 3 billion), according to a statement. Special Drawing Rights (SDR) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF). Sri Lanka has been hit hard by a catastrophic economic and humanitarian crisis. The economy is facing significant challenges stemming from pre-existing vulnerabilities and policy missteps in the lead up to the crisis, further aggravated by a series of external shocks, the IMF said. The EFF-supported programme aims to restore Sri Lanka's macroeconomic stability and debt sustainability, mitigate the economic impact on the poor and vulnerable, safeguard financi

Sir Lanka's world-beating bonds pin hopes on IMF billions: Report

The nation's dollar bonds have returned 20 per cent this year, the top performers

IMF denies tying to compromise on Pak's nuke capability in bailout: Report

The IMF on Monday rubbished claims that it has attached nuclear-programme-related strings for the revival of Pakistan's much-anticipated bailout programme that has been stalled for months, a media report said. Cash-strapped Pakistan is awaiting a much-needed USD 1.1 billion tranche of funding from the Washington-based International Monetary Fund (IMF), which was originally due to be disbursed in November last year. The funds are part of a USD 6.5 billion bailout package the IMF approved in 2019, which analysts say is critical if Pakistan is to avoid defaulting on external debt obligations. Pakistan, currently in the throes of a major economic crisis, is grappling with high external debt, a weak local currency and dwindling foreign exchange reserves enough to shore up for barely one month's imports. Esther Perez Ruiz, IMF's resident representative in Islamabad, has denied attaching any strings to the External Fund Facility (EFF), according to Geo TV. Regarding recent speculation th

IMF denies claims of linking loan with Pakistan's nuclear weapons

IMF resident representative in Islamabad Esther Perez Ruiz denied attaching any strings to the External Fund Facility (EFF), Geo News reported

IMF to approve $2.9 bn bailout package for Sri Lanka: Central bank governor

The IMF package will include budgetary support to Sri Lanka's government, which is a new element in IMF lending, he added

IMF wants friendly nations to give funds to cash-strapped Pak before deal

This has led to a delay in concluding talks with the IMF for the program, Pakistan Finance Minister Ishaq Dar told the upper house of parliament on Thursday

RBI doing it right on rate hikes, need more: IMF economist Luis Breuer

She further added that India's inflation was not due to excessive demand and so there is much less tightening needed than the US

Vengeful politics, weary friends prevent IMF from $7 bn dole to Pakistan

Pakistani media is reporting that the IMF agreement with Pakistan, which has been on the verge of materialising for the past many days, is not happening simply because of political instability

A tall order reaching $5 trn GDP a year ahead of IMF's FY27 projection

India's economy is officially projected to reach Rs 272 trillion, or $3.58 trillion, this financial year

South Asia gets back to reality

The crises in Sri Lanka and Pakistan raise questions about the relevance and costs of reliance on the alternative financial system provided by China's Belt and Road Initiative

Volatile political situation in Pakistan delaying IMF deal: Report

The current volatile political situation in Pakistan has become a factor in delaying a much-needed deal with the Washington-based IMF that may stabilise the cash-strapped country's economy, according to a media report on Wednesday. Pakistan's economy is in dire straits. The country is awaiting a much-needed USD 1.1 billion tranche of funding from the International Monetary Fund (IMF). The funds are part of a USD 6.5 billion bailout package the IMF approved in 2019, which analysts say is critical if Pakistan is to avoid defaulting on external debt obligations. Quoting diplomatic sources, the Dawn newspaper reported that global lenders, particularly the IMF, are seeking assurances from Pakistan that the future political setup in the country will respect any deal they sign with Islamabad. Pakistan and the IMF have been negotiating the resumption of an installed USD 7 billion IMF programme for months but have yet to reach an agreement. Last week, Finance Secretary Hamed Yaqoob Sheikh

Pak PM sees 'more burden' on masses as country scrambles to secure IMF deal

Prime Minister Shehbaz Sharif on Tuesday said he sees "more burden" coming on the already inflation-hit public as Pakistan scrambles to secure the International Monetary Fund's conditions for reviving the stalled USS 1.1 billion loan tranche. Pakistan's economy is in dire straits. The country is awaiting a much-needed USD 1.1 billion tranche of funding from the Washington-based International Monetary Fund (IMF). The funds are part of a USD 6.5 billion bailout package the IMF approved in 2019, which analysts say is critical if Pakistan is to avoid defaulting on external debt obligations. The prime minister, in an interview with the private Geo News channel, said joint efforts were being made by both his economic team and other national institutions to make the process a success. The prime minister spoke at length on multiple national issues, including the one-year performance of his government, the economic situation and elections. Sharif said that when he came into power, he and h

IMF treating cash-strapped Pakistan like a 'colony': Maryam Nawaz

Pakistan is a "hostage" to the IMF which is treating the cash-strapped country like a "colony", senior leader of PML-N Maryam Nawaz has said while lambasting former prime minister Imran Khan for flouting the previous agreements with the global lender. Pakistan's economy is in dire straits. The country is awaiting a much-needed USD 1.1 billion tranche of funding from the Washington-based International Monetary Fund (IMF). The IMF is not ready to trust us. Pakistan is a hostage to the IMF and it is treating the country like a colony. Even if we try to come out of its clutches, we can't, Pakistan Muslim League (N) (PML-N) leader Maryam said while addressing the youth and social media activists in Model Town here on Monday. She castigated Pakistan Tehreek-i-Insaf chairman Imran Khan for flouting the previous IMF agreement, the Dawn newspaper reported. Because of this today we are begging for Rs 1 billion, the 49-year-old leader said. She drew the comparison of her father Nawaz Sharif'

Delay in IMF deal may cause Pakistan to pause debt repayments: US bank

China, a close ally, can rescue Pakistan because of its close ties with the country, reports Dawn news