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World Bank, IMF meetings conclude without concrete plan on climate finance

The annual World Bank and IMF meetings have wrapped up without a concrete plan to mobilise the trillions of dollars needed to fight climate change, in a year where agreement on New Collective Quantified Goal (NCQG) or a new climate finance goal will be the key issue at the United Nations climate conference (COP29) in Azerbaijan. NCQG is the new amount developed countries must mobilise every year from 2025 onwards to support climate action in developing countries. Rich countries are expected to raise more than the USD 100 billion they promised to provide every year from 2020, but repeatedly failed. A recent analysis revealed that financial flows into developing countries turned negative in 2023, with these nations paying out more in debt servicing than they received in external financing. Discussions between G7 and G20 finance ministers on the sidelines of the spring meetings that wrapped up on Saturday touched on providing finance to developing countries for meeting climate and ...

IMF revises down West Asia growth outlook on war, trade disruptions

The downward revision was driven by conflicts in Sudan, the West Bank and Gaza, as well as oil production cuts by Gulf countries weighing on activity

IMF ready to support Sri Lanka's discussions with int'l bondholders

Sri Lanka will consult with the IMF to assess if the latest proposals discussed with bondholders were within the parameters of its bailout program

IMF raises India's GDP growth forecast by 30 bps to 6.8% for FY25

Also sees world economy growing faster at 3.2% in 2024

IMF raises India's economic growth projection to 6.8% from 6.5% in 2024

The International Monetary Fund on Tuesday raised India's growth projection to 6.8 per cent from its January forecast of 6.5 per cent citing bullish domestic demand conditions and a rising working-age population. With this, India continues to be the fastest growing economy of the world, ahead of China's growth projection of 4.6 per cent during the same period. "Growth in India is projected to remain strong at 6.8 per cent in 2024 and 6.5 per cent in 2025, with the robustness reflecting continuing strength in domestic demand and a rising working-age population," said the latest edition of the World Economic Outlook released by the IMF ahead of the annual spring meetings of the IMF and the World Bank. At the same time, growth in emerging and developing Asia is expected to fall from an estimated 5.6 per cent in 2023 to 5.2 per cent in 2024 and 4.9 per cent in 2025, a slight upward revision compared with the January 2024 WEO Update. IMF in its January update had projected 6.5 per cent

Pak needs up to three years for reforms suggested by IMF: Finance chief

Pakistan rebuilt trust with the IMF through the completion of its nine-month loan where an agreement was reached in March for the final disbursement, he said

Climate spending may make emerging nations with high debt insolvent: Report

A further 19 developing countries lack the liquidity to meet the spending targets without help, though they would not approach default thresholds

State Bank of Pakistan repays $1 bn in Eurobonds ahead of IMF bailout

The State Bank of Pakistan has repaid USD 1 billion in Eurobonds as the cash-strapped country prepares for a new long-term bailout from the IMF to help manage its external financing needs and economic recovery, a media report said here on Sunday. Pakistan's central bank announced that it met the dollar bond payment on Friday for the 10-year bond launched in 2014 maturing this month. Ahead of the April 15-20 meetings of the International Monetary Fund (IMF) and the World Bank in Washington DC, Pakistan government has decided to formally approach the IMF for a medium-term Extended Fund Facility (EFF) with the possibility of augmenting through climate finance. The Eurobonds repayment comes amid Asian Development Bank's (ADB) apprehension that Pakistan's economic outlook remains uncertain. The SBP has successfully executed the repayment of USD 1 billion Pakistan's International Bond on April 12, 2024 (principal plus interest). The payment was made to the agent bank for onward distribut

Janet Yellen likely to reiterate warnings over China's manufacturing power

With its dominant voice in all of those forums, the US is expected to try to align other countries across Europe, Asia and Latin America to voice concerns over China's output and exports

IMF Chief Kristalina Georgieva wins second term ahead of Spring meetings

Georgieva, 70, led IMF's efforts to aid indebted countries through pandemic and has warned about the global economic impact of trade fragmentation caused by worsening US-China relations

Cyber risk to stability

Financial regulators need to be vigilant

IMF under pressure to cut billions of dollars in fees for large borrowers

The IMF released a statement last week saying that "a number" of its board members were open to reviewing policies around surcharges, the fees that it charges nations that borrow more

Private credit faces liquidity risks if stress rises, says IMF report

Private credit also remains largely untested in an economic slump, according to the analysis. It caters to mostly small and mid-size borrowers with higher leverage, implying more risk

US-China tensions fragmenting trade and investment, finds IMF study

Another contrast is that many of those non-aligned economies are benefiting from a new status as "connector" economies between the two blocs, it added

Subramanian's remark on 8% growth projection for India not ours, says IMF

The recent remarks of Krishnamurthy Subramanian, Executive Director at the International Monetary Fund, about India's growth figures does not represent the views of the IMF and were in his role as India's representative at the global body, the IMF has said. "The views conveyed ...by Mr. Subramanian were in his role as India's representative at the IMF," Julie Kozack, IMF spokesperson, told reporters here on Thursday. She was responding to a question on recent remarks by Subramanian, in which he projected a growth rate of 8 per cent for India, which is different from the last growth rate projections by the IMF. Subramanian, at a event in New Delhi on March 28, had said Indian economy could grow at 8 per cent till 2047, if the country redoubles the good policies that it has implemented over the last 10 years and accelerate reforms. "So, the basic idea is that with the kind of growth that India has registered in the last 10 years, if we can redouble the good policies that we have ...

IMF approves $8 billion loan plan for Egypt as global bailout takes shape

The executive board's assent increases the Extended Fund Facility arrangement from the $3 billion originally approved in December 2022 to $8 billion

IMF to increase Egypt's bailout loan to $8 billion to shore up its economy

The executive board of the International Monetary Fund confirmed a deal with Egypt to increase its bailout loan from USD 3 billion to USD 8 billion, in a move that is meant to shore up the Arab country's economy which is hit by a staggering shortage of foreign currency and soaring inflation. In a statement late Friday, the board said its decision would enable Egypt to immediately receive about USD 820 million as part of the deal which was announced earlier this month. The deal was achieved after Egypt agreed with the IMF on a reform plan that is centred on floating the local currency, reducing public investment and allowing the private sector to become the engine of growth, the statement said. Egypt has already floated the pound and sharply increased the main interest rate. Commercial banks are now trading the US currency at more than 47 pounds, up from about 31 pounds. The measures are meant to combat ballooning inflation and attract foreign investment. The Egyptian economy has be

Meeting with IMF scheduled for Apr 14-15: Pak's Finance Minister Aurangzeb

Pakistan's Finance Minister Muhammad Aurangzeb on Friday said the government will hold a meeting with the IMF on April 14 and 15 in Washington to discuss the features of the new bailout programme which the cash-strapped country is seeking, according to a media report. The minister for finance and revenue in the Shehbaz Sharif government, while addressing journalists during his visit to the Pakistan Stock Exchange here, reiterated that the government plans to enter a major programme with the International Monetary Fund which will ensure microeconomic stability, Geo News reported. Aurangzeb said the features of the new programme would be discussed during the meeting, while detailed talks would be held in Pakistan, the report said. Prime Minister Shehbaz on March 21 signalled that the new IMF programme was likely to be continued for three years. Shehbaz, while addressing a session of the Special Investment Facilitation Council's apex committee attended by civil-military leadership, sa

12 people killed in 2 separate incidents in Pakistan's Khyber Pakhtunkhwa

At least 12 people were killed in two separate incidents in Pakistan's northwestern Khyber Pakhtunkhwa province, police said on Friday. Eight people of a family, including five women and two children, were killed when a pickup truck they were travelling in skidded off a mountainous road allegedly due to a brake failure in Buner district, police said. The driver purportedly lost control of the vehicle after the brake failed while navigating a sharp turn in the mountainous terrain. A rescue team along with the help of locals retrieved the bodies from the accident site, they said. In the other incident, four miners of a family were killed when a coal mine suddenly collapsed in the tribal Kurram district. A rescue team and local volunteers retrieved the bodies from the mine and shifted them to a nearby hospital. The deceased coal miners belong to the Swat district. The dead include a father and son and two brothers.

China must reinvent itself to turn economy around, says IMF's Georgieva

Officials who spoke at the opening of the China Development Forum expressed confidence China would hit its economic targets, including growth of about 5% this year