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Emerging economies face China and rate pressures as IMF, World Bank meet

Restructuring efforts for defaulted countries could reach a breakthrough before year-end as talks continue, while the finances of nations like Pakistan and Egypt will also be under scrutiny

Emerging economies face China and rate pressures as IMF, World Bank meet

Restructuring efforts for defaulted countries could reach a breakthrough before year-end as talks continue, while the finances of nations like Pakistan and Egypt will also be under scrutiny

IMF expects continuing US support for Ukraine despite Congress dropping aid

Officials from the International Monetary Fund say they expect the United States will continue playing its key role in amassing multinational support that has helped keep Ukraine's economy afloat during Russia's invasion. That's despite Congress recently passing a short-term funding package that averted a US government shutdown but dropped USD 6 billion in aid to Ukraine. It's not clear if, when, or how that aid instalment might be restored. The US has already sent or committed USD 69.5 billion in military, financial, and humanitarian aid to Ukraine, according to the Institute for the World Economy in Kiel, Germany. President Biden has made an announcement ... that he is fully committed to supporting Ukraine," Uma Ramakrishnan, IMF European department deputy director, said at a news conference Wednesday in Kyiv. And so from our standpoint, the baseline assumption remains that the US remains committed." She added that it is premature for us to comment on what will materialize or no

Private sector must cover 90% of climate investment in Ems, says IMF

The IMF said phasing out coal is necessary to reach climate goals, though it is challenging as many EMDEs highly depend on coal

ADB unlocks $100 bn funding capacity with capital management reforms

The reforms, carried out through an update of ADB's Capital Adequacy Framework (CAF), would expand the bank's annual new commitments capacity to more than $36 billion

Pak seeks $11 bn aid from China, Saudi to keep IMF programme on track

Cash-strapped Pakistan is seeking around USD 11 billion from China and Saudi Arabia as part of efforts to fill external and domestic resource gaps so that the IMF bailout programme remains on track to ensure economic stability until an elected government is formed in the country, according to a media report on Friday. It comes amid the caretaker government's push for expanding the tax net effectively to retail, agricultural and real estate sectors while continuing a crackdown on illegal currency movements. The Dawn newspaper reported that this information was part of a detailed policy statement issued by caretaker Finance Minister Shamshad Akhtar before the Senate Standing Committee on Finance and Revenue, presided over by Senator Saleem Mandviwalla in Islamabad on Thursday. She said the government was currently working on an economic revival plan that would be presented to the caretaker prime minister Anwar ul Haq Kakar soon and shared with the Senate Standing Committee on ...

IMF's Georgieva tells cash-strapped Pak to 'tax the rich, protect the poor'

"What we are asking in our programme is that please collect more taxes from the wealthy and please protect the poor people of Pakistan," the IMF chief said

India reached moon, hosted G20 Summit, we are begging for funds: Sharif

Criticising the ongoing state of Pakistan's economy, Sharif said, "Those who did this to our country are the biggest criminals"

Pak rejects report claiming it sold arms to Ukraine to secure IMF funding

Pakistan has rejected a report claiming that it sold arms and ammunition to Ukraine in order to secure a crucial bailout package from the International Monetary Fund (IMF). Foreign Office Spokesperson Mumtaz Zahra Baloch on Monday rejected as baseless and fabricated the Intercept report saying that cash-strapped Pakistan provided arms to the US to get its support to clinch a USD 3 billion deal with the IMF towards the end of June to avoid default. The Intercept, an investigative website, on Sunday reported that secret Pakistani arms sales to the US helped to facilitate a controversial bailout from the IMF earlier this year. The report said that the arms sales were made for the purpose of supplying the Ukrainian military marking Pakistani involvement in a conflict it had faced US pressure to take sides on. Pakistan has struggled to maintain a balance in ties with the Kremlin and Washington since the Russia-Ukraine crisis began earlier last year. The IMF Standby Arrangement for ...

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