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Being people-centric: Indian govts no slouches when it comes to spending

Percentages can mislead: A higher percentage of a lower GDP per head can translate into less absolute spending per head than a lower percentage of a much greater GDP per capita, notes T N Ninan

Global debt fell as share of GDP in 2022, may resume rising trend: IMF

The IMF said in an update to its Global Debt Database that the world's total debt to-GDP ratio fell last year to 238 per cent from 248 per cent in 2021 and 258 per cent in 2020

Countries need to pursue growth-oriented structural reforms: IMF MD at G20

IMF Managing Director Kristalina Georgieva on Sunday said global recovery is slow and uneven and underscored the need to pursue sound policies for financial stability and growth-oriented structural reforms. Speaking at G20 Leaders' Summit here, Georgieva said, G20 members must lead by example in delivering on the promises of USD 100 billion per year for climate finance, supported by strengthening Multilateral Development Banks(MDBs). The International Monetary Fund (IMF) has secured over USD 40 billion to support vulnerable countries through its Resilience and Sustainability Trust (RST) to build climate resilience, she said. Countries also need to mobilize domestic resources to finance and manage the green transition through tax reforms, effective and efficient public spending, strong fiscal institutions, and deep local debt markets, she said. Observing that global recovery from the COVID-19 pandemic is slow and uneven, she said, all countries should pursue sound policies to suppo

India to decide on crypto, IMF-FSB paper to act as bottom line: Official

India will decide on implementing cryptocurrency regulations after extensive discussions with other countries, a senior official said on Sunday, virtually ruling out a ban on such assets. Ahead of G20 leaders' summit, the IMF and the Financial Stability Board (FSB) had last week made a strong case for a coordinated global policy action to deal with risks posed by cryptocurrencies and said that there should not be any blanket ban. The IMF-FSB recommendations laid out a "roadmap" and suggested "bare minimum" regulations that every country should have on cryptocurrencies. If any country wants to have a more stricter regulation, it can frame a more restrictive regulation depending on the risk it sees from cryptos, the official said. "Now G20 leaders have endorsed it and now ministers and governments will discuss it and take it forward. We expect a lot of discussion to happen on how to implement it faster, swifter and in a comprehensive manner. We have a good framework to decide our own

IMF's Gita Gopinath praises India's G20 Summit message, PM Modi responds

IMF's deputy managing director Gita Gopinath shared a photo with Prime Minister Narendra Modi and complimented him on successfully hosting the G20 Summit

India's 'one earth, one family' resonated at G20 summit: IMF's Gopinath

India's message of 'one earth, one family, one future' resonated strongly with all delegates at the G20 Summit, Gita Gopinath, the First Deputy Managing Director of the International Monetary Fund said. "Congratulations Prime Minister Narendra Modi on presiding over such a successful G20," Gopinath posted on X late Saturday night. She said India's message of 'one earth, one family, one future' resonated strongly with all delegates. Modi thanked Gopinath "for the kind words". "It is an honor to host the G20 summit. Our efforts are a testament to the collective spirit of unity and progress," the prime minister said.

Crypto wrap: Anticipation of G20 Summit outcome keeps bulls, bears fighting

The G20 Summit, to be held in New Delhi, is expected to provide some clarity on the global regulations on cryptocurrencies

WATCH: IMF chief Georgieva shakes a leg with folk dancers at Delhi Airport

A cultural troupe presented a Sambalpuri folk dance to welcome IMF chief Kristalina Georgieva to the country

G20 Summit: IMF Chairman Georgieva receives traditional welcome in Delhi

Kristalina Georgieva, the Managing Director and Chairman of the International Monetary Fund (IMF) arrived in the national capital on Thursday to attend the G20 Summit to be held on September 9-10

US wants G20 to help reshape multilateral development banks like IMF

The US wants the G20 countries to help reshape and scale up multilateral development banks like the International Monetary Fund and the World Bank, a top White House official has said. White House National Security Council Coordinator for Strategic Communication John Kirby said on Wednesday the US will make it clear during President Joe Biden's visit to India that it remains committed to the G20 as a critical forum for all the major economies of the world to come together for global problem-solving. President Biden will arrive in New Delhi on Friday to participate in the G20 Summit. One of our main goals heading into the G20 is to help reshape and scale up multilateral development banks like the IMF, like the World Bank, Kirby told foreign reporters at a news conference here on Wednesday. We know that these institutions are some of the most effective tools for mobilising transparent and high-quality investment in developing countries. And that's why the United States has champione

IMF, FSB to lay down crypto regulation framework for G20 discussion

On international taxation, the sources state that India under the G20 Presidency has recommended
a pillar taxation system on
international taxation

As IMF reforms kick in, inflation in Pakistan stays high at 27.4%: Report

The inflation rate for food remained high at 38.5 per cent in August, according to figures from Pakistan's statistics department, despite a minor decline from July's 28.3 per cent rate

Pak caretaker PM rules out immediate relief from inflated electricity bills

Pakistan's Caretaker Prime Minister Anwaarul Haq Kakar on Thursday refused to offer any immediate relief to the protesting masses against inflated electricity bills by saying that the country would fulfil obligations made with the International Monetary Fund (IMF). People across major cities have been staging demonstrations to get a respite, but the interim government showed its inability to do anything except knock at the door of the IMF, which in June provided a USD 3 billion loan to the cash-strapped country under strict conditions. However, the Washington-based global lender refused Pakistan's request to recover August's electricity bills over a period of six months amid raging protests, forcing Kakar to address the media and say that the consumers would have to pay the electricity bills. We will not make false promises, nor will we deviate from our responsibilities. We will let everyone know the measures we cannot take and why, he said. Kakar also tried to downplay the protest

Experts blame grey market, IMF as Pakistani rupee goes into free fall

Tresmark CEO Faisal Mamsa said, "The interim government trying to overstep its perceived capacity, which is sending a conflicting message to markets

China assures SL of help in addressing debt challenges before IMF's review

Sri Lanka's largest bilateral creditor, China, has assured the island nation its help in effectively addressing the debt challenges as it has to finalise the external and domestic debt restructuring of a whopping USD 41 billion by September before the IMF's first review. The International Monetary Fund (IMF) is set to conduct its first review of the USD 2.9 billion bailout granted to Sri Lanka in March this year from September 11-19. A release from the Prime Minister's Office on Wednesday said Wang Yi, the Foreign Minister and Director of the Office of the Foreign Affairs Commission of the ruling Communist Party of China (CPC) Central Committee who met Sri Lanka Prime Minister Dinesh Gunawardena on the sidelines of the seventh China-South Asian Expo assured that it will help in effectively addressing the country's debt challenges. China is always Sri Lanka's reliable strategic partner and appreciates that Sri Lanka has always been friendly to China and has stood by China on issues .

IMF sets mid-September dates for Sri Lanka's $2.9 billion bailout review

The IMF will conduct the first review of the USD 2.9 billion bailout to Sri Lanka from September 11-19, state minister of finance Ranjith Siyambalapitiya said on Saturday and declared that the country has successfully fulfilled the nine conditions set by the global lender. 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 fuel, fertilisers as well as essential commodities shortage. The country has to finalise its external and domestic debt restructuring by September when the International Monetary Fund (IMF) carries out its first review of the USD 2.9 billion bailout granted in March this year. The eight-day review is to happen from September 11 to 19, Siyambalapitiya said. The central bank, the ministry of finance and the minister of finance would be involved in the review. We had to fulfil nine pre-conditions which we successfully did. The arrangement

RBI Governor Das pitches for expeditious completion of quota review at IMF

Reserve Bank Governor Shaktikanta Das on Friday pitched for the "expeditious completion" of the general review of quotas at the International Monetary Fund (IMF), pointing out that the same can help the body help distressed countries better. Speaking at a seminar on global economy organised by the Ministry of Finance and the Reserve Bank of India (RBI) here, Das said recent experience suggests countries facing financial difficulties go to other bodies beyond the IMF because of "perceived stigma" or lack of access. "A bigger and stronger IMF that is capable of managing the levels of country risks assumes crucial importance," Das said. He noted that since the IMF support to a country is linked to quota size of countries, "the sixteenth general review of quotas and its attendant requirements, including governance reform needs to be completed expeditiously". Further, Das said there is a need to be mindful of the financial implications of green transition. According to him, there is al

Our economy is fastest growing: FM Sitharaman during the no-trust debate

In just nine years, the economy rose and saw economic development due to the policies of BJP government,' Nirmala Sitharaman said in Lok Sabha

IMF seeks explanation from Pakistan for not imposing tax on big shops

Pakistan's Federal Board of Revenue (FBR) chairman confirmed that the IMF sought an explanation for not imposing a tax on big shops

Pak imposed PKR 215 bn additional taxes to meet IMF condition: Ishaq Dar

Although Pakistan was able to secure the IMF deal just in time, the conditions imposed by the body are turning out to be tedious to implement