Page 3 - Imf

Inflation: Central banks can't fix the mess that politicians have created

Only politicians can fix the problem because, contrary to public belief, it is they who create money, not central banks

Unbacked crypto assets pose financial and fiscal risks, warns IMF

The paper was presented to the G20 finance ministers and central bank governors in February in Bengaluru, and was made public on Monday

IMF doesn't trust finance ministry: Pak ex-Finance Minister Miftah Ismail

Pakistan is relying on funds from the multilateral lender to avoid defaulting on its international obligations and revive its USD 350 billion economy

Pakistan govt raises sales tax on luxury items to 25% to access IMF fund

The Pakistan government has hiked sales tax from 17 per cent to 25 per cent on select luxury goods, media reports said on Thursday, as the cash-strapped country was taking steps to unlock the USD 1.1 billion tranche of funding from the IMF. The International Monetary Fund (IMF) is refusing to release the USD 1.1 billion tranche under the USD 7 billion loan facility unless crucial decisions are made by the government and implemented. The Federal Board of Revenue (FBR) on Wednesday issued a Statutory Regulatory Order (SRO) for a 25 per cent imposition of General Sales Tax, The News International newspaper reported. The sales tax hike includes 33 categories of goods covering 860 tariff lines, high-end mobile phones, imported food, decoration items, and other luxury goods, the Dawn newspaper reported. GST has also been imposed on three categories of locally manufactured goods. Twenty-five per cent GST has also been imposed on three categories of locally manufactured goods, including .

US encourages Pak to continue working with IMF to improve economy, business

The United States has encouraged Pakistan to continue working with the IMF to improve the cash-strapped country's economy and the business environment to "unlock" the much-needed funds from the global lender. US State Department Spokesperson Ned Price while talking to media on Wednesday said that the US is working with Pakistani partners and, in turn, it is working with international financial institutions, the IMF, to put itself on a sustainable growth path. Ultimately, it is going to have to be decisions on the part of our Pakistani counterparts to unlock this IMF funding. We encourage Pakistan to continue working with the IMF, especially on reforms that will improve Pakistan's business environment, Price said. We believe that it will make Pakistani business more competitive, and will attract high-quality investment, he said. They improve the competitiveness of partnering Pakistani firms, fuelling economic growth that increases employment and household incomes. We believe that by

Pak tells IMF about asking China for rollover of $2 bn deposits for next yr

Pakistan has informed the International Monetary Fund (IMF) that Islamabad has requested China for rollover of $2 billion SAFE (State Administration of Foreign Exchange) deposits for another one-year

IMF board to consider approval of Sri Lanka's bailout package on March 20

The International Monetary Fund (IMF) has said that Sri Lanka has received financial assurances from all major bilateral creditors, Sri Lanka-based Daily Mirror reported

Sri Lanka in talks to extend $1 bn Indian credit line as IMF deal looms

Sri Lanka is negotiating with India to extend a $1 billon credit line by a few months, as the island nation tries to line up funds for the rest of the year

Sri Lanka secures China assurances to clear way for $2.9 bn IMF bailout

China has given assurances that it will support Sri Lanka's debt restructuring, clearing the biggest hurdle for the debt-ridden country to secure a much-needed USD 2.9-billion bailout package from the IMF, President Ranil Wickremesinghe said on Tuesday. In January, India strongly backed the island nation's efforts to secure a loan from the global lender to recover from its worst-ever economic crisis. Last night we received a new letter from the EXIM Bank of China. I and the governor of the Central Bank signed our letter of intent and sent it to the International Monetary Fund (IMF) last night itself," Wickremesinghe, who is also the minister of finance, told Parliament. Wickremesinghe said, our part of obligations are now complete and we hope the IMF will do their duty by the third or fourth week of this month, this will enable us to receive funding from the world bank and the ADB, he added. The IMF bailout process made slow progress due to the need to restructure Sri Lanka's nearl

A suggestion to the IMF on inflation

Standard policies towards inflation have not helped. It is important to think out of the box

Pakistan seeks assurance from Saudi Arabia to unlock IMF deal: Report

Pakistan is seeking confirmation from Saudi Arabia for securing additional deposits of $2 billion and a %950 million loan programme from the World Bank and Asian Infrastructure Investment Bank (AIIB)

IMF asks Pakistan to take steps to be able to function as a country

IMF MD Kristalina Georgieva, recently said Pakistan had been asked by the IMF "to take steps to be able to function as a country" and not get into a dangerous place where it needs debt restructuring

Sri Lanka's central bank ready to adopt IMF programme within March

There have been some differences between the CBSL and IMF staff on the inflation outlook, CBSL Governor Nandalal Weerasinghe said

Lanka's central bank raises interest rates in anticipation of IMF bailout

Central bank Governor P Nandalal Weerasinghe said with the rate increase all "prior actions" have been fulfilled and he was hopeful of the IMF bailout being approved within this month

Markets brace for potential default by Pakistan as $7 bn debt looms

Pak was downgraded deeper into junk by Moody's Investors this week as the country faces its worst economic crisis in decades, with foreign reserves plummeting and inflation soaring to record high

Pak accepts more IMF condition, agrees to increase rate by 200 basis points

The decision by Pakistan authorities will push the interest rate to 19 per cent, just below the previous record of 19.5 per cent set in October 1996, The Express Tribune reported

FM meets heads of World Bank, IMF, discusses issue of debt restructuring

Finance Minister Nirmala Sitharaman on Saturday held a roundtable with the heads of the World Bank and the IMF and discussed the issue of debt restructuring faced by some of the countries. The roundtable with World Bank President David Malpass and IMF managing director Kristalina Georgieva held on the sidelines of the first G20 Finance Ministers and Central Bank Governors meeting here discussed the issue of debt restructuring challenges and debt vulnerabilities. "Finance Minister Smt. @nsitharaman flagged the need to acknowledge today's diverse creditor landscape and build a common understanding of challenges and ways to address them," a tweet from the Finance Ministry said. She called for the voices of the vulnerable and under-represented debtor countries to be heard through the G20. "Ms@KGeorgieva, MD, IMF@IMFNews and Mr@DavidMalpassWBG, President @WorldBank called for faster debt restructuring processes and noted the debt forum was an opportunity to work together and help ...

Russia-Ukraine war, debt impasse cloud G20 finance chiefs' final-day talks

Georgieva separately urged central banks to "stay the course" for a return to price stability that's critical to investors and consumers alike

India asks IMF, FSB to prepare technical paper on regulating crypto

India, which is currently holding G20 Presidency, has asked the IMF and Financial Stability Board (FSB) to jointly prepare a technical paper on crypto assets, which could be used in formulating a coordinated and comprehensive policy to regulate them. The international organisations are expected to present their joint paper during the 4th Finance Ministers and Central Bank Governors Meeting in October 2023, said a finance ministry release. "To complement the ongoing dialogue on the need for a policy framework, the Indian Presidency has proposed a joint technical paper by the International Monetary Fund (IMF) and the FSB, which would synthesise the macroeconomic and regulatory perspectives of crypto-assets. This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets," it said. In their entirety, the IMF's discussion paper, the policy seminar and the joint IMF-FSB paper are expected to integrate the policy questions pertaining to macro-financi

G20 leaders to gauge toll on global economy on Ukraine war's anniversary

U.S. Treasury Secretary Janet Yellen on Thursday highlighted the improvement, saying the global economy "is in a better place today than many predicted just a few months ago"