Page 26 - Imf

India, China to contribute more than half of global growth this year: IMF

IMF added that the central banks across Asia need to stay 'alert' as the core inflation is still high, and the re-opening of China's economy may push inflation up due to higher demand

Stop giving tax evasion subsidies to the rich: IMF tells Pakistan

'My heart goes out to the people of Pakistan. But the Pakistan government needs to collect higher taxes by withdrawing subsidies to the rich'

Pak hikes petrol price; efforts on to appease IMF for unlocking loan

People in Pakistan woke up on Thursday to the shock of a historic price hike in the prices of petrol and gas as the government tried to appease the IMF for unlocking the critical loan tranche for the cash-strapped country. The petrol bomb as the price hike is termed these days, was dropped around Wednesday midnight, hours after the government unveiled a tax-loaded 'mini-budget' in the Parliament to extract Rs 170 billion from the people through new taxes and increase in electricity and gas prices. The price of petrol was hiked to Rs 272 per litre after an increase of Rs 22.20, a press release from the Finance Division read Wednesday night, noting that the surge has taken place due to the rupee's devaluation against the dollar. The price of the high-speed diesel (HSD) hiked by Rs 17.20, kerosene by Rs 12.90 and light diesel oil (LDO) by Rs 9.68. The new price of HSD will cost Rs 280 per litre. Kerosene will be available at Rs 202.73 whereas LDO will be sold at Rs 196.68 per ...

Pakistan government introduces bill to raise Rs 170 billion in taxes

The cash-strapped Pakistan government on Wednesday introduced a money bill in parliament to raise Rs 170 billion in taxes by June this year as part of conditions by the IMF to get the next tranche of an already agreed loan. Finance Minister Ishaq Dar presented the Finance (Supplementary) Bill, 2023, in the National Assembly -- the lower house -- empowered to legislate on money matters. Pakistan and IMF officials held 10 days of marathon talks in Islamabad, from January 31 to February 9, but could not reach a deal as the fund demanded prior actions before signing any agreement to release USD 1.1 billion out of the USD 7 billion deal agreed in 2019. Speaking in the house after introducing the bill, Dar said the government was aware of the hardships of common people and tried its best to not further burden them through new taxes.

IMF bailout bid: Pakistan raises tax on natural gas from 16% to 112%

US seeks partnership with Pakistan on counter terrorism, State Department said, underlining that it looks forward to efforts to eliminate regional and global terrorists and other security threats

IMF chief warns world is a very different place after crises like Covid

The IMF chief signaled the need for resilience in our planet, in societies that must allow equal opportunities, and in people, who must benefit from education, health and good social protection

Pakistan to impose new taxes to reach out for IMF loan, avoid default

Cash-strapped and nuclear-armed Pakistan will impose new taxes of 170 billion rupees this month in a bid for a massive bailout, officials and analysts said Monday, even as they warned the new taxes could accelerate the country's spiralling inflation. The dire outlook from economists and political analysts comes after the International Monetary Fund delayed the release of a crucial USD 1.1 billion portion of a 2019 deal worth USD 6 billion, on hold since December over Pakistan's failure to meet the terms. The latest round of the talks between Pakistan and the IMF concluded Friday with the fund recommending steps including imposing new taxes. "The imposition of more taxes means tough days are ahead for the majority of the people in Pakistan who are already facing higher food and energy costs, but there is no other way out if Pakistan needs the IMF loans, and Pakistan desperately needs it," said Ehtisham-ul-Haq, a veteran economist. The stalemate in talks between IMF and Pakistan was .

Pakistan govt approves new tax on electricity to meet IMF conditions

Pakistan is moving swiftly to pacify the IMF with the approval of a new tax on electricity users, including farmers, to raise an additional Rs 170 billion in revenue to meet the conditions of the global lender, according to a statement. The International Monetary Fund delegation held 10-day marathon talks with Pakistan officials here to release the next tranche of USD 1.1 billion out of an already agreed loan but left on Thursday for Washington without signing a staff-level agreement. Finance Minister Ishaq Dar, who had led the Pakistan side in talks, told the media on Friday that prior actions were needed as the two sides would resume the talks in virtual mode from Monday. Hours later, the minister chaired the meeting of the Economic Coordination Committee (ECC) of the cabinet which approved the imposition of a special financing surcharge of Rs 3.39 per unit in average power tariff in addition to quarterly tariff adjustments of up to Rs 3.21 per unit for one year and recovery of ..

Pakistan, IMF fail to reach common ground on $1.1 billion bailout loan

The $6 billion bailout package has been repeatedly stalled after former Pakistan prime pinister Imran Khan-led government reneged on subsidy agreements and failed on its tax collection commitments out

In final stages of negotiations with IMF on bailout package: SL President

President Ranil Wickremesinghe on Thursday said Sri Lanka was in the final stages of negotiations with the IMF on the much-awaited USD 2.9 billion bailout package that could help the debt-trapped island nation recover from the unprecedented economic crisis. Wickremesinghe also said that his government was having "direct discussions" with Beijing to restructure the country's debts with China. The International Monetary Fund (IMF) in September last year approved Sri Lanka the USD 2.9 billion bailout package for over 4 years pending the island nation's ability to restructure its debt with creditors -- both bilateral and sovereign bond holders. By the end of June 2022, Sri Lanka owed nearly USD 40 billion to bilateral, multilateral and commercial loans, according to the figures released by the Sri Lankan Treasury. With assurances from creditors, the USD 2.9 billion facility could get the IMF board approval in March, officials said. The IMF facility would enable Sri Lanka to obtain ...

Debt talks in focus at G20 finance meet: FM Sitharaman tells IMF chief

Indian Finance Minister Nirmala Sitharaman and IMF's Kristalina Georgieva also discussed regulating crypto assets

China's FM, central bank governor to attend debt roundtable in India: IMF

China has to change its policies because low income countries cannot pay: IMF Managing Director Kristalina Georgieva

Pakistan set to bow to IMF's demands as forex reserves drop to $3.08 bn

IMF team which rejected the Sharif government's plan to manage the circular debt, has asked the cash starved Pakistan to end the unbudgeted power subsidies amounting to (Pakistani) Rs 675 billion

'Beyond imagination': Pakistan PM on IMF fund bailout conditions

Pakistan Prime Minister Shehbaz Sharif said on Friday the International Monetary Fund (IMF) was giving his country a "tough time" over unlocking stalled funding from a $6.5 billion bailout

Central banks should stick to 'higher for longer' rate approach: IMF

The S&P has risen more than 7% this year and is up more than 15% from its low in mid-October

IMF projects slowdown in Pakistan's GDP from 3.5% to 2%, shows report

The International Monetary Fund projected a slowdown in the Gross Domestic Product (GDP) from 3.5 per cent to 2 per cent for the current fiscal, The News International reported

Pakistan's economic turmoil moves toward deal-or-default endgame: Analysis

A devaluation of 15% in the Pakistani rupee and a rise last week in fuel prices could help eliminate some key snags, particularly as tax measures are apparently imminent

Latest LIVE: 12 dead in massive fire at multi-storey building in Dhanbad

Catch all the latest Budget 2023-24 news and updates here

Britain only major industrialised country to see its economy shrink in 2023

Britain is expected to be the only major industrialised country to see its economy shrink this year after the impact of Liz Truss' brief premiership prompted a sharp growth downgrade from IMF

Emerging mkts growth slowdown bottomed out in 2022, but risks remain: IMF

Some 15% of low-income countries are estimated to be already in debt distress and 45% more are at high risk of getting there, with 1-in-4 emerging market economies also at high risk