Page 29 - Imf

IMF approves deal to provide $3 bn support package to cash-strapped Egypt

The International Monetary Fund has approved a deal that will provide a USD 3 billion support package to cash-strapped Egypt over a period of almost four years, with the agreement expected to draw in additional USD 14 billion in financing for the Middle East country. The announcement from the IMF's executive board late on Friday comes after a preliminary agreement was reached in October between Egypt and the fund, hours after Egypt's central bank introduced a series of reforms, including a hike in key interest rates by roughly 2 percentage points. The Egyptian economy has been hard-hit by the coronavirus pandemic and the war in Ukraine, events that have played havoc with global markets and hiked oil and food prices worldwide. Egypt is the world's largest wheat importer, most of which came from Russia and Ukraine. The country's supply is subject to price changes on the international market. The deal announced on Friday known as an Extended Fund Facility Arrangement is expected to

G20 mulls converting its global infra hub into a multilateral body

Currently, the GIH's work is limited to acting as a knowledge sharing hub, to produce data and insights that inform policy and infrastructure delivery

LIVE: India says air exercise in east not connected to China border clash

Catch all the latest news from around the world here

Broke Pakistan may seek China's help on debt bail-out as forex falls

Pakistan's external debts, which were at $65 billion in 2015, have now touched $130 billion

Controlling high food inflation: The world is on a wing and a prayer

An IMF paper sheds light on the issue of persistently high global food inflation, and the prognosis is not comforting

Sri Lanka weighs favoured creditor clause to speed up debt talks with IMF

Sri Lanka is pursuing pacts with commercial and bilateral lenders to meet conditions for the IMF to disburse a $2.9 billion loan

Poor countries need nearly $500 bn in external financing through 2026: IMF

The IMF said the fiscal position of low-income countries "is increasingly under stress"

IMF says low income nations need $500 bn in external financing through 2026

Low-income nations will need nearly $500 bn in external financing during 2022-26 period, IMF said, a rise of about $57 bn from a year-ago estimate due largely to spillovers from Russia-Ukraine war

Ad industry pegs 2023 adex growth at 14-16% despite slower startup spends

Agencies such as GroupM, Dentsu and Interpublic Groupe's Magna remain bullish about domestic ad spends; 2022 to close at 15% in terms of adex growth, they say

IMF can't dictate to Pak govt, says Ishaq Dar over delay in review

"I do not care if they come, I don't have to plead before them. I have to look at Pakistan's interest first," he said

IMF says it fully supports India's G20 agenda of addressing urgent issues

The IMF fully supports the G20 agenda of India, which is planning to use the ongoing global crises as an opportunity to seek consensus on issues that require urgent attention, a senior official from the international financial body has said. India formally assumed the G20 Presidency on Thursday. They (India) are putting together a collective agenda for a much more prosperous future," Ceyla Pazarbasioglu, Director of the Strategy and Policy Review department at the International Monetary Fund (IMF), told a group of reporters ahead of her trip to China and India next week. "They (India) plan to use the ongoing (global) crises as an opportunity to seek consensus on issues that really require urgent attention, she said on Thursday. Pazarbasioglu was apparently referring to the food and energy crises due to the ongoing Russia-Ukraine war. The IMF fully supports the G20 agenda of India, she said. The theme of India's G20 presidency is One Earth, One Family, One Future. "This means tha

IMF may cut its China growth forecast as Covid curbs continue: Chief

The Washington-based crisis lender sees Chinese gross domestic product expanding 3.2% this year and 4.4% in 2023

China hints at relaxing zero-Covid norm; IMF chief urges targeted policy

Police leveraging powers of the country's surveillance apparatus against protesters

Indian govt allows Lankans to hold $10,000 worth of rupee in cash

SL banks must open nostro accounts with Indian banks

IMF asks China to boost vaccination, recalibrate strategy to fight Covid

The IMF has asked China to ramp up Covid-19 vaccination and recalibrate its strategy to deal with the virus and address the challenges arising from a slowing global demand

Sri Lanka may miss next month's deadline for securing IMF loan: Report

Sri Lanka is likely to miss next month's deadline for securing the International Monetary Fund (IMF) loan

Trade divide could cost global economy $1.4 trillion: IMF chief Georgieva

Trade spats could cut 1.5% from global GDP; 3% in Asia

PM Narendra Modi meets WHO chief, IMF head during G20 summit at Bali

Prime Minister Narendra Modi on Tuesday met WHO chief Tedros Adhanom Ghebreyesus on the sidelines of the G20 summit in Bali and said that India is committed towards ensuring a healthy planet.

IMF says global economic outlook getting 'gloomier', risks abound

IMF blamed the darker outlook on tightening monetary policy triggered by persistently high and broad-based inflation, weak growth momentum in China, and ongoing supply disruptions

Global banking is a bright spot

The world's financial system faces an intimidating set of challenges, but the lessons of the global financial crisis are holding banks in good stead