Page 25 - Imf

IMF asks Pakistan to take steps to be able to function as a country

IMF MD Kristalina Georgieva, recently said Pakistan had been asked by the IMF "to take steps to be able to function as a country" and not get into a dangerous place where it needs debt restructuring

Sri Lanka's central bank ready to adopt IMF programme within March

There have been some differences between the CBSL and IMF staff on the inflation outlook, CBSL Governor Nandalal Weerasinghe said

Lanka's central bank raises interest rates in anticipation of IMF bailout

Central bank Governor P Nandalal Weerasinghe said with the rate increase all "prior actions" have been fulfilled and he was hopeful of the IMF bailout being approved within this month

Markets brace for potential default by Pakistan as $7 bn debt looms

Pak was downgraded deeper into junk by Moody's Investors this week as the country faces its worst economic crisis in decades, with foreign reserves plummeting and inflation soaring to record high

Pak accepts more IMF condition, agrees to increase rate by 200 basis points

The decision by Pakistan authorities will push the interest rate to 19 per cent, just below the previous record of 19.5 per cent set in October 1996, The Express Tribune reported

FM meets heads of World Bank, IMF, discusses issue of debt restructuring

Finance Minister Nirmala Sitharaman on Saturday held a roundtable with the heads of the World Bank and the IMF and discussed the issue of debt restructuring faced by some of the countries. The roundtable with World Bank President David Malpass and IMF managing director Kristalina Georgieva held on the sidelines of the first G20 Finance Ministers and Central Bank Governors meeting here discussed the issue of debt restructuring challenges and debt vulnerabilities. "Finance Minister Smt. @nsitharaman flagged the need to acknowledge today's diverse creditor landscape and build a common understanding of challenges and ways to address them," a tweet from the Finance Ministry said. She called for the voices of the vulnerable and under-represented debtor countries to be heard through the G20. "Ms@KGeorgieva, MD, IMF@IMFNews and Mr@DavidMalpassWBG, President @WorldBank called for faster debt restructuring processes and noted the debt forum was an opportunity to work together and help ...

Russia-Ukraine war, debt impasse cloud G20 finance chiefs' final-day talks

Georgieva separately urged central banks to "stay the course" for a return to price stability that's critical to investors and consumers alike

India asks IMF, FSB to prepare technical paper on regulating crypto

India, which is currently holding G20 Presidency, has asked the IMF and Financial Stability Board (FSB) to jointly prepare a technical paper on crypto assets, which could be used in formulating a coordinated and comprehensive policy to regulate them. The international organisations are expected to present their joint paper during the 4th Finance Ministers and Central Bank Governors Meeting in October 2023, said a finance ministry release. "To complement the ongoing dialogue on the need for a policy framework, the Indian Presidency has proposed a joint technical paper by the International Monetary Fund (IMF) and the FSB, which would synthesise the macroeconomic and regulatory perspectives of crypto-assets. This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets," it said. In their entirety, the IMF's discussion paper, the policy seminar and the joint IMF-FSB paper are expected to integrate the policy questions pertaining to macro-financi

G20 leaders to gauge toll on global economy on Ukraine war's anniversary

U.S. Treasury Secretary Janet Yellen on Thursday highlighted the improvement, saying the global economy "is in a better place today than many predicted just a few months ago"

Pakistan seeks another bailout as economic and political crises worsen

The South Asian state is seeking a bailout from the International Monetary Fund again - something it's done more than 20 times

G20: IMF, World Bank to convene global debt roundtable in Bengaluru

Georgieva said while 2023 will be another challenging year, it could represent a turning point - with inflation declining and growth bottoming out

Pak PM Sharif admits there will be more inflation after IMF agreement

As the government seeks to revive the IMF programme, Pakistan has also sought to secure assurances from Saudi Arabia and China for more loans

One Earth, One Family, One Future uplifting and mobilizing motto: IMF MD

The 'One Earth, One Family, One Future' motto of G-20 announced by India is very uplifting and mobilizing, IMF Managing Director Kristina Georgieva has said adding that it resonates on a human level with all. "It has chosen a great motto for the presidency that I think resonates on a human level with all of us: One Earth, One Family, One Future. It is the most uplifting, motto of G-20, that I can think of. Very mobilizing for all of us," Georgieva told PTI ahead of her India travel to attend the G-20's financial track meeting in Bengaluru. Unveiled by Prime Minister Narendra Modi last year, the theme of India's G20 Presidency - 'Vasudhaiva Kutumbakam' or 'One Earth One Family One Future' - is drawn from the ancient Sanskrit text of the Maha Upanishad. Essentially, the theme affirms the value of all life human, animal, plant, and microorganisms and their interconnectedness on the planet Earth and in the wider universe. It also spotlights LiFE (Lifestyle for Environment), with its .

India can achieve its goal of being carbon neutral much before 2070: IMF MD

India, which has taken it upon itself to be carbon neutral by 2070, could achieve this ambitious goal even earlier, International Monetary Fund Managing Director Kristalina Georgieva has said. Georgieva added that it is so very important that a large country like India plays a leading role in the fight against climate change. She noted that what India has done is "quite admirable" because it is a country that has nearly 1.4 billion people that need access to development opportunities. And therefore, the pressure to expand the use of resources is exceptionally high. Yet India is managing to put in place very ambitious objectives: reduce the emissions intensity of its GDP by 45 per cent by the year 2030, from 2005 level, Georgieva told PTI in an interview as she applauded New Delhi for its programme of using solar as a main source of energy and taking it to the global level through the International Solar Alliance. "And more recently thinking more seriously about innovation, for ...

Pak has to do more to ensure foundation for strong growth: IMF MD Georgieva

Pakistan has to do more to ensure that the foundation for strong growth is in place, taxes are collected and are fairly distributed, and those who have more, pay more, IMF Managing Director Kristalina Georgieva has said, as the cash-starved country is engaged in "tough" talks for a bailout with the global lender to tide over the worsening economic crisis. Pakistan, which is in dire need of funds as it battles a wrenching economic crisis, has received financial assistance from the International Monetary Fund (IMF) in the past and is presently in discussions with the organisation to resume its loan programme. An agreement on the ninth review of the programme would release over USD 1.1 billion. A resumption of the IMF programme would also unlock other avenues of funding for Pakistan. Georgieva emphasised that the IMF has made "good progress" in its talks with Pakistan. "Pakistan has gone through a number of years striving to stabilise the economy and put in place a sound framework for

Pak, Sri Lanka close in on IMF deals after raising taxes to boost economies

Pakistan has taken all the measures needed to unfreeze a $6.5 billion credit line and expects to clinch the deal "any day now," Commerce Minister Syed Naveed Qamar said in an interview

India likely to contribute 15% to global growth in 2023: top IMF exec

Despite doing better than rest of the world, inflation remains a key challenge to country's growth prospects, says

Pakistan approves Bill to roll out higher taxes, nears IMF bailout

Hikes general levy to 18% from 17%, raises tax on imports of luxury items such as mobile phones to 25% from 17%

IMF only option available to SL to overcome economic crisis: Wickremesinghe

Sri Lankan President Ranil Wickremesinghe on Tuesday emphasised that seeking the IMF bailout package was the only option available to the debt-ridden country to overcome the ongoing economic crisis. "When a country goes bankrupt, it has to go to the International Monetary Fund. Apart from that, there is no other organisation in the world that provides aid when a country goes bankrupt," Wickremesinghe said. Addressing a gathering in the central town of Kandy, he said that each nation that experienced an economic catastrophe recovered after engaging in talks with the IMF and cited the example of Greece which took 13 years to recover from the collapsed economy. "I have no hope of being President for 13 years," Wickremesinghe said, amidst opposition to his hard economic reforms which had triggered utility rate hikes and increased personal taxes. "There is only one way to rebuild this collapsed economy. That is the International Monetary Fund. Different political parties are presenting

Why is India concerned about lending programme of IMF, WB for poor nations?

Eleven nations have signed a note where they have argued against the Bank taking on the responsibility to lend more, thereby raising interest costs for the borrowers