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Debt-ridden Sri Lanka thanks India for backing its $2.9 bn bailout package

Debt-ridden Sri Lanka on Wednesday thanked India for issuing the necessary guarantees sought by the IMF that would help Colombo to unlock the USD 2.9 billion bailout package. India's ministry of finance recently issued a letter to the International Monetary Fund (IMF) to confirm its support to Sri Lanka on the issue of debt restructuring. Also, External Affairs Minister S Jaishankar during his recent visit to Colombo gave the required assurances to Sri Lanka's top leadership for the much-needed IMF bailout package, becoming the first major lender to publicly back the island nation's efforts to recover from its worst-ever economic crisis. In a statement on Wednesday, the Governor of the Central Bank of Sri Lanka Nandalal Weerasinghe thanked India for issuing the necessary guarantees warranted by the IMF for unlocking the USD 2.9 billion bailout for the country. "India has clearly given financial assurances which are acceptable to the IMF..which has all the necessary assurances ..fir

India commits to help Sri Lanka on debt in prospective IMF program

India has committed to help ease the debt burden of its crisis-stricken neighbor Sri Lanka as part of a possible International Monetary Fund-supported program, the IMF said on Monday

Pakistan PM Shehbaz ready to sacrifice political capital at IMF altar

The premier said the government has clearly conveyed its intentions to complete the ninth review to the IMF

After India's backing, China too offers support to Lanka for IMF bailout

China has given debt-ridden Sri Lanka the financing assurances required by the IMF to unlock a USD 2.9 billion bailout package for the country, days after India strongly backed the island nation's efforts to secure the loan from the global lender to recover from its worst-ever economic crisis. The Sunday Times newspaper reported that China's Exim Bank delivered a letter on Saturday granting Sri Lanka a two-year moratorium on repayment and agreeing with the International Monetary Fund's extended fund facility (EFF). The report was confirmed by Sri Lankan officials who did not want to be named. The Chinese response came close on the heels of India stepping in first to issue the necessary assurances last week. India's ministry of finance last week issued a letter to the IMF to confirm its support to Sri Lanka on the issue of debt restructuring, ahead of the visit by the external affairs minister S Jaishankar to Colombo which concluded on Friday. Jaishankar during his visit also annou

WEF 2023: 'Fragmentation can cost up to 7% of global GDP', says IMF chief

Asking the world to be pragmatic and collaborate, IMF chief Kristalina Georgieva on Friday said fragmentation can cost up to 7 per cent of the global GDP. "If we don't unite now, we'll face significant risk to the economy and people's wellbeing," she said during a session on global economy on the last day of the World Economic Forum Annual Meeting 2023. The International Monetary Fund Managing Director said if we look at medium-term growth prospects, how we handle the supply chain issues, that will decide our future prospects. She said her message to the world is to "be pragmatic and collaborate". Asked what will take the IMF to upgrade its global growth forecast, she said, "Last year, we downgraded the growth projections three times and not downgrading further itself is good news at the moment." Also, the labour market needs to be looked at seriously, as for anyone, having a cost of living crisis and a job is much better than having no cost of living crisis and no job, she ...

Lanka thanks India for support, assurances given to IMF to restructure debt

Jaishankar, who is here on a two-day visit, on Thursday met Sri Lanka's top leadership, including his Sri Lankan counterpart Ali Sabry and President Ranil Wickremesinghe

India better than many economies, needs work on labour mkts: Gita Gopinath

IMF Deputy Managing Director Gita Gopinath has cautioned that India needs to work on labour markets and land, even as she hailed the country for doing better than many global economies

India writes to IMF backing Sri Lanka's debt restructuring plan: Report

Sri Lanka owes India around $1 billion that will come under the debt restructuring plan

Only option is to seek IMF support: SL President on economic collapse

'The only option we have now is to seek the support of the International Monetary Fund (IMF). Otherwise, we cannot recover'

Sri Lanka concludes debt restructuring talks with Japan: Wickremesinghe

Sri Lanka has concluded debt restructuring talks with Japan and will continue to hold such meetings with India this month, President Ranil Wickremesinghe announced on Saturday, as the cash-strapped country looks to carve a path out of its worst financial crisis. The crisis-hit island nation, which is trying to secure a USD 2.9 billion bridge loan from the International Monetary Fund (IMF), has been trying to get financial assurances from its major creditors China, Japan and India which is the requisite for Colombo to get the bailout package. The IMF bailout has been put on a halt as Sri Lanka pursues talks with creditors to meet the global lender's condition for the facility. Addressing trade unionists here, the president said that the debt restructuring talks with China's Exim bank were held this week and further dialogue is in progress. On January 19, the Indian foreign minister is expected to visit and we will continue to have debt restructuring talks with India, Wickremesingh

We count a lot on India's G-20 leadership: IMF MD Kristalina Georgieva

At a time when the world is faced with continued economic slowdown and social distress, the international community counts a lot on India's leadership of G-20, IMF MD said

IMF chief expects to keep 2023 global growth forecast steady at 2.7%

IMF Managing Director Kristalina Georgieva said 2023 would be another "tough year" for the global economy, and inflation remained stubborn, but she did not expect another year of successive downgrades

IMF sees India as 'bright spot' in global economy, says PM Modi at MP GIS

Prime Minister Narendra Modi Wednesday said the International Monetary Fund (IMF) sees India as a "bright spot" in the global economy and according to the World Bank, India is in a better position to deal with the global headwinds than many other countries. This is because of India's strong "macroeconomic fundamentals", Modi said while virtually addressing the inaugural function of the 7th edition of Invest Madhya Pradesh-Global Investors Summit in Indore. The theme of the two-day summit is 'Madhya Pradesh-The Future Ready State'. Modi said the optimism for India is driven by its strong democracy, young demography and political stability. Due to these, India is taking decisions that boost the ease of living and ease of doing business, he said. The IMF sees India as a bright spot in the global economy while the World Bank says India is in a better position to deal with global headwinds than many other countries, Modi said. "When we talk about a developed India, it is not just our .

IMF bullish on Indian economy despite signals of global downturn

IMF has shown optimism about the Indian economy, suggesting that real GDP is expected to grow at 6.8 per cent in the current fiscal while in 2023-24 it is estimated to grow at 6.1 per cent

Indian economy in a relative 'bright spot', must leverage exports: IMF

India's headline inflation moderated to an 11-month low 5.88% in November from 6.77% the month before

Pak PM holds talks with IMF chief to break deadlock over next aid tranche

Prime Minister Shehbaz Sharif has made a telephonic call to International Monetary Fund chief Kristalina Georgieva to break the deadlock over the release of the next tranche of assistance for cash-strapped Pakistan, according to a media report on Friday. The contact was made four days before an expected face-to-face meeting between the prime minister and the IMF head on the sidelines of the Geneva Conference for flood victims. There was no official word about the contact but sources told The Express Tribune that the prime minister urged the IMF managing director to review the condition for the imposition of new taxes. He also sought relaxation in the demand to increase electricity prices to compensate for the deviation of around Rs 500 billion from the annual circular debt management plan. These remain the major stumbling blocks in reaching an initial understanding of a staff-level visit by the IMF to Pakistan. "However, the government stood ready to impose flood levy and windfall

India in relative 'bright spot', must leverage exports, says IMF official

India's headline inflation moderated to an 11-month low 5.88% in November from 6.77% the month before

Oil dips after IMF says slowing global growth engines portend tougher 2023

Oil prices slid from their highest levels in a month on a stronger dollar and after the head of the International Monetary Fund warned of a tougher 2023

Recession will hit a third of world this year, warns IMF chief Georgieva

A third of the global economy will be in recession this year, the IMF chief has said, and warned that 2023 will be "tougher" than last year as the US, EU and China will see their economies slow down. Kristalina Georgieva, the chief of the International Monetary Fund (IMF) made these grim assertions on Sunday during a CBS news programme "Face the Nation." It comes at a time when the ongoing conflict in Ukraine shows no signs of abating after more than 10 months, with spiralling inflation, higher interest rates and the surge in coronavirus infections in China fuelled by the Omicron variant. "We expect one-third of the world economy to be in recession," Georgieva said on the news programme. The year 2023 will be tougher than last year because the economies of the US, the EU and China will slow down, she said. "Even in countries that are not in recession, it would feel like a recession for hundreds of millions of people," she explained. In October last year, the IMF trimmed its growt

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