Page 13 - Imf

Disgraced ex-IMF chief Rodrigo Rato goes on trial for tax evasion

The credit card case sparked widespread anger at a time when Spain was recovering from years of recession and a banking crisis partly triggered by Bankia's massive bailout

Crypto adoption high in India, says IMF chief Kristalina Georgieva

Says adequate legal frameworks needed

2024: A gloomier world?

As economic woes and geopolitical tensions loom, brace for impact on climate, politics and beyond

Sri Lanka to get access to $337 million from IMF to stabilise economy

The IMF Executive Board has completed the first review under the 48-month Extended Fund Facility with Sri Lanka, providing the cash-strapped country with access to about USD 337 million to restore macroeconomic stability and debt sustainability. Announcing this, Peter Breuer, Senior Mission Chief for Sri Lanka also said that the debt restructuring with China was concluded on a strictly confidential basis for the International Monetary Fund (IMF) to conclude its first review of the USD 2.9 billion bailout. China holds 52 per cent of Sri Lanka's total debt. The Chinese agreement in principle was very good news in Sri Lanka's debt restructuring talks. We have seen a summary of the key financial terms of the agreement shared by authorities on a strictly confidential basis," Breuer told reporters on Tuesday. The IMF late Tuesday concluded the review and approved the release of the second tranche worth USD 337 million to the island nation, bringing the value of disbursements to USD 670 .

Argentina to devalue peso by more than 50% to help its struggling economy

In recent years, Argentina's central bank has printed more of the peso to help the country's government avoid defaulting on its debt. That has resulted in skyrocketing prices

IMF's second tranche finalisation to Sri Lanka in Dec: Nandalal Weerasinghe

The second tranche of the USD 2.9 billion IMF bailout for cash-strapped Sri Lanka would be finalised within the next month, central bank governor Nandalal Weerasinghe said on Friday. The government is expecting around USD 330 million as the second tranche of the USD 2.9 billion 4-year bailout, following the first one that was extended in March under the Extended Fund Facility (EFF) to support Sri Lanka's economic policies and reforms. Sri Lanka was hit by its worst economic crisis in history when the country's foreign exchange reserves fell to a critical low and the public came out on the streets to protest the shortage of fuel, fertilisers and essential commodities. We are making good progress with the first review. We will get the programme approved. What is required for that (is) assurances from bilateral creditors. The official creditor committee would be forthcoming, Governor of the Central Bank of Sri Lanka (CBSL) Weerasinghe told reporters. With that, there will be additiona

IMF revises Pakistan's foreign loan requirement to $25 bn: Report

The IMF has revised down Pakistan's foreign loan requirements to USD 25 billion for the ongoing fiscal year -- reducing it by USD 3.4 billion in a big relief for its cash-starved economy, according to a media report on Saturday. The Washington-based global lender also lowered the economic growth projection to just 2 per cent, turning down the government's external as well as macroeconomic forecasts, The Express Tribune newspaper reported. The International Monetary Fund's delegation wrapped two-week-long talks with Pakistani officials on November 15 and announced that a staff-level agreement has been reached to enable it to release USD 700 million in the second tranche of an already agreed USD 3 billion loan. The report said that in comparison with July this year, the IMF lowered the foreign loan requirements for this fiscal year from USD 28.4 billion to USD 25 billion. In four months, the government has already borrowed USD 6 billion while it expects rollovers of USD 12.5 ...

Economy still fragile, support from IMF to continue: Pakistan's FM

Pakistan's caretaker Finance Minister Shamshad Akhtar has said Pakistan's economy continues to remain fragile despite improvements and the cash-strapped nation would have to go for more IMF loans for some time, a media report said on Friday. Akhtar also emphasised that Pakistan needs strong financial reforms to strengthen its economy, the Dawn newspaper quoted her as saying. "The next International Monetary Fund (IMF) programme is very necessary for some time as the economy has returned to stability that was still very fragile. Until we are able to increase exports and domestic resources, we will need another programme," Akhtar said. Her remarks came a day after the Pakistan government and the IMF concluded a review of the ongoing USD 3 billion stand-by agreement with a staff-level agreement, opening the way for Pakistan to get USD 700 million in the second tranche. She said there was no more refuge from undertaking long-standing reforms. The country will not survive without this.

Pakistan gets initial nod from IMF on $700 mn loan tranche of $3 bn scheme

The Washington-based lender announced that it reached a staff-level agreement to give the nation access to a payout of roughly $700 million - subject to approval from the IMF's executive board

IMF reaches staff-level agreement with Pakistan on $700 mn bailout review

Pakistan and the IMF reached a staff-level agreement for the release of a USD 700 million second tranche of an ongoing USD 3 billion bailout package, the global lender said on Wednesday, in a major relief to the cash-strapped country. While approving the USD 3 billion loan in July this year, the International Monetary Fund (IMF)had also released the first tranche of USD 1.2 billion. Although essentially a bridge loan, it offered much respite to Pakistan, battling an acute balance of payments crisis and falling foreign exchange reserves. A team led by the IMF mission chief for Pakistan, Nathan Porter, visited Islamabad from November 2-15 to hold discussions on the first review of the country's economic programme supported by a stand-by arrangement (SBA), according to a statement issued by the global lender after the discussions. The IMF team has reached a staff-level agreement (SLA) with the Pakistani authorities on the first review of their stabilisation programme supported by the

Developing economies' quota in IMF key to global financial stability: CEA

The increase of developing economies quota in the International Monetary Fund (IMF) can play a pivotal role in safeguarding global financial stability by enhancing the multilateral lending agency's permanent resources, Chief Economic Advisor V Anantha Nageswaran said on Wednesday. Participating in an event organised by the finance ministry, Nageswaran said the reforms of international financial institutions have to go beyond the World Bank and multilateral development banks (MDBs). "The executive board of the IMF has proposed to the Board of Governors that a 50 per cent quota increase (should be) allocated to members in proportion to their current quotas," he said. The 16th General Review of Quotas (GRQ) is likely to provide a greater say to developing economies in the International Monetary Fund. "This quota increase can play a pivotal role in safeguarding global financial stability by enhancing the IMF's permanent resources and reducing its reliance on borrowed resources," he ...

IMF advises Pak not to make preferred investors group, ensure transparency

The IMF has advised cash-strapped Pakistan against creating a group of preferred investors or distortions in the country under the Special Investment Facilitation Council (SIFC) and to ensure transparency and accountability in its business deals, according to a media report on Wednesday. Deputy Chairman Planning Commission Dr Jehanzeb Khan told economists and journalists that the visiting International Monetary Fund mission had raised questions as to the need for the creation of another institution like SIFC and whether this would lead to the distressed sale of assets and advised against preferred investors. They want transparency and accountability should be above board in these matters, Khan was quoted as saying by the Dawn newspaper. The two sides are reported to have had back-and-forth clarifications on Tuesday on finalisation of the Memorandum of Economic and Financial Policies (MEFP) and were expecting to conclude the talks on a positive note on Wednesday. The IMF staff missi

IMF asks Pakistan to strictly implement anti-money laundering laws

IMF staff directed Pakistan to devise a clear policy to detect 'suspicious transactions' in tax crimes and asked to pass clauses for strict punishment in the upcoming finance bill

IMF urges Pak officials to tax agriculture, real estate, retail sectors

The recent demand was kept during an ongoing review of the USD 3 billion stand-by arrangement (SBA), Geo News learned on Thursday

IMF warns Europe against prematurely declaring victory over inflation

The European Central Bank and other policymakers across Europe need to keep interest rates at current elevated levels until they're sure inflation is under control despite sluggish growth, the International Monetary Fund said on Wednesday, warning against premature celebration as inflation declines from its peak. The Washington-based IMF said that the cost of underestimating inflation's persistence could be painfully high and result in another painful round of rate hikes that could rob the economy of a large chunk of growth. The European Central Bank, the Bank of England and the other central banks that aren't part of the 20-country eurozone are reaching the peak of their interest rate cycles, while some have started to reduce policy rates, the IMF said in its twice-yearly regional economic outlook for Europe. Nonetheless, a prolonged restrictive stance is still necessary to ensure that inflation moves back to target. Historically, it takes an average of three years to return ...

The stunning resilience of emerging markets

Prudent economic policies and central bank independence have allowed them to defy analysts' expectations of a debt spiral

Pakistan informs IMF its debt serving costs may go up to PKR 8.5 trn

A substantial portion of this debt cost is attributed to domestic debt servicing, while external debt servicing exceeds PKR 900 billion

India abstained from Pakistan's loan request to IMF: Finance ministry

The arrangement provides short-term financial assistance to countries facing balance of payments problems

Pakistan stocks rise to highest in 6 yrs on election optimism, IMF visit

The benchmark stock index struck a record intra-day high of 53,263.07 on Friday, rising 1.15% from Thursday close, before settling back slightly. It was the highest since May 25, 2017

Pakistan, IMF commence negotiations for second tranche of $3 bn loan

Cash-strapped Pakistan and the IMF have kicked off the much-awaited loan review talks for the release of the USD 710 million second tranche of a USD 3 billion bailout package on a generally positive note. Caretaker Finance Minister Dr Shamshad Akhtar and the International Monetary Fund's (IMF) mission chief for Pakistan, Nathan Porter, led their sides to the opening round of two-week-long negotiations to discuss the next tranche based on Pakistan's performance in the first quarter that started in July. Porter "appreciated the government's commitment" to meeting the first-quarter targets, the Ministry of Finance said in a statement after the meeting, which has set the stage for a deep dive into forward-looking reforms under a nine-month bailout package, slated to be completed in March next year. He also "commended the government's efforts and measures taken in some critical areas" and underscored the importance of continuing these efforts to stay on track for ensuring the country's .