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IMF approves $3 bn in financial assistance for Sri Lanka to overcome crisis

The International Monetary Fund on Monday approved USD 3 billion in financial assistance to debt-ridden Sri Lanka to help it immediately overcome its economic crisis. IMF's Executive Board approved on Monday a 48-month extended arrangement under its Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 per cent of quota or about USD 3 billion), according to a statement. Special Drawing Rights (SDR) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF). Sri Lanka has been hit hard by a catastrophic economic and humanitarian crisis. The economy is facing significant challenges stemming from pre-existing vulnerabilities and policy missteps in the lead up to the crisis, further aggravated by a series of external shocks, the IMF said. The EFF-supported programme aims to restore Sri Lanka's macroeconomic stability and debt sustainability, mitigate the economic impact on the poor and vulnerable, safeguard financi

Sir Lanka's world-beating bonds pin hopes on IMF billions: Report

The nation's dollar bonds have returned 20 per cent this year, the top performers

IMF denies tying to compromise on Pak's nuke capability in bailout: Report

The IMF on Monday rubbished claims that it has attached nuclear-programme-related strings for the revival of Pakistan's much-anticipated bailout programme that has been stalled for months, a media report said. Cash-strapped Pakistan is awaiting a much-needed USD 1.1 billion tranche of funding from the Washington-based International Monetary Fund (IMF), which was originally due to be disbursed in November last year. The funds are part of a USD 6.5 billion bailout package the IMF approved in 2019, which analysts say is critical if Pakistan is to avoid defaulting on external debt obligations. Pakistan, currently in the throes of a major economic crisis, is grappling with high external debt, a weak local currency and dwindling foreign exchange reserves enough to shore up for barely one month's imports. Esther Perez Ruiz, IMF's resident representative in Islamabad, has denied attaching any strings to the External Fund Facility (EFF), according to Geo TV. Regarding recent speculation th

IMF denies claims of linking loan with Pakistan's nuclear weapons

IMF resident representative in Islamabad Esther Perez Ruiz denied attaching any strings to the External Fund Facility (EFF), Geo News reported

IMF to approve $2.9 bn bailout package for Sri Lanka: Central bank governor

The IMF package will include budgetary support to Sri Lanka's government, which is a new element in IMF lending, he added

IMF wants friendly nations to give funds to cash-strapped Pak before deal

This has led to a delay in concluding talks with the IMF for the program, Pakistan Finance Minister Ishaq Dar told the upper house of parliament on Thursday

RBI doing it right on rate hikes, need more: IMF economist Luis Breuer

She further added that India's inflation was not due to excessive demand and so there is much less tightening needed than the US

Vengeful politics, weary friends prevent IMF from $7 bn dole to Pakistan

Pakistani media is reporting that the IMF agreement with Pakistan, which has been on the verge of materialising for the past many days, is not happening simply because of political instability

A tall order reaching $5 trn GDP a year ahead of IMF's FY27 projection

India's economy is officially projected to reach Rs 272 trillion, or $3.58 trillion, this financial year

South Asia gets back to reality

The crises in Sri Lanka and Pakistan raise questions about the relevance and costs of reliance on the alternative financial system provided by China's Belt and Road Initiative

Volatile political situation in Pakistan delaying IMF deal: Report

The current volatile political situation in Pakistan has become a factor in delaying a much-needed deal with the Washington-based IMF that may stabilise the cash-strapped country's economy, according to a media report on Wednesday. Pakistan's economy is in dire straits. The country is awaiting a much-needed USD 1.1 billion tranche of funding from the International Monetary Fund (IMF). The funds are part of a USD 6.5 billion bailout package the IMF approved in 2019, which analysts say is critical if Pakistan is to avoid defaulting on external debt obligations. Quoting diplomatic sources, the Dawn newspaper reported that global lenders, particularly the IMF, are seeking assurances from Pakistan that the future political setup in the country will respect any deal they sign with Islamabad. Pakistan and the IMF have been negotiating the resumption of an installed USD 7 billion IMF programme for months but have yet to reach an agreement. Last week, Finance Secretary Hamed Yaqoob Sheikh

Pak PM sees 'more burden' on masses as country scrambles to secure IMF deal

Prime Minister Shehbaz Sharif on Tuesday said he sees "more burden" coming on the already inflation-hit public as Pakistan scrambles to secure the International Monetary Fund's conditions for reviving the stalled USS 1.1 billion loan tranche. Pakistan's economy is in dire straits. The country is awaiting a much-needed USD 1.1 billion tranche of funding from the Washington-based International Monetary Fund (IMF). The funds are part of a USD 6.5 billion bailout package the IMF approved in 2019, which analysts say is critical if Pakistan is to avoid defaulting on external debt obligations. The prime minister, in an interview with the private Geo News channel, said joint efforts were being made by both his economic team and other national institutions to make the process a success. The prime minister spoke at length on multiple national issues, including the one-year performance of his government, the economic situation and elections. Sharif said that when he came into power, he and h

IMF treating cash-strapped Pakistan like a 'colony': Maryam Nawaz

Pakistan is a "hostage" to the IMF which is treating the cash-strapped country like a "colony", senior leader of PML-N Maryam Nawaz has said while lambasting former prime minister Imran Khan for flouting the previous agreements with the global lender. Pakistan's economy is in dire straits. The country is awaiting a much-needed USD 1.1 billion tranche of funding from the Washington-based International Monetary Fund (IMF). The IMF is not ready to trust us. Pakistan is a hostage to the IMF and it is treating the country like a colony. Even if we try to come out of its clutches, we can't, Pakistan Muslim League (N) (PML-N) leader Maryam said while addressing the youth and social media activists in Model Town here on Monday. She castigated Pakistan Tehreek-i-Insaf chairman Imran Khan for flouting the previous IMF agreement, the Dawn newspaper reported. Because of this today we are begging for Rs 1 billion, the 49-year-old leader said. She drew the comparison of her father Nawaz Sharif'

Delay in IMF deal may cause Pakistan to pause debt repayments: US bank

China, a close ally, can rescue Pakistan because of its close ties with the country, reports Dawn news

Inflation: Central banks can't fix the mess that politicians have created

Only politicians can fix the problem because, contrary to public belief, it is they who create money, not central banks

Unbacked crypto assets pose financial and fiscal risks, warns IMF

The paper was presented to the G20 finance ministers and central bank governors in February in Bengaluru, and was made public on Monday

IMF doesn't trust finance ministry: Pak ex-Finance Minister Miftah Ismail

Pakistan is relying on funds from the multilateral lender to avoid defaulting on its international obligations and revive its USD 350 billion economy

Pakistan govt raises sales tax on luxury items to 25% to access IMF fund

The Pakistan government has hiked sales tax from 17 per cent to 25 per cent on select luxury goods, media reports said on Thursday, as the cash-strapped country was taking steps to unlock the USD 1.1 billion tranche of funding from the IMF. The International Monetary Fund (IMF) is refusing to release the USD 1.1 billion tranche under the USD 7 billion loan facility unless crucial decisions are made by the government and implemented. The Federal Board of Revenue (FBR) on Wednesday issued a Statutory Regulatory Order (SRO) for a 25 per cent imposition of General Sales Tax, The News International newspaper reported. The sales tax hike includes 33 categories of goods covering 860 tariff lines, high-end mobile phones, imported food, decoration items, and other luxury goods, the Dawn newspaper reported. GST has also been imposed on three categories of locally manufactured goods. Twenty-five per cent GST has also been imposed on three categories of locally manufactured goods, including .

US encourages Pak to continue working with IMF to improve economy, business

The United States has encouraged Pakistan to continue working with the IMF to improve the cash-strapped country's economy and the business environment to "unlock" the much-needed funds from the global lender. US State Department Spokesperson Ned Price while talking to media on Wednesday said that the US is working with Pakistani partners and, in turn, it is working with international financial institutions, the IMF, to put itself on a sustainable growth path. Ultimately, it is going to have to be decisions on the part of our Pakistani counterparts to unlock this IMF funding. We encourage Pakistan to continue working with the IMF, especially on reforms that will improve Pakistan's business environment, Price said. We believe that it will make Pakistani business more competitive, and will attract high-quality investment, he said. They improve the competitiveness of partnering Pakistani firms, fuelling economic growth that increases employment and household incomes. We believe that by