Page 3 - Imf

IMF to provide Sri Lanka $350 million after fourth review of bailout

The IMF has completed the fourth review of Sri Lanka's USD 2.9 billion bailout programme, allowing the country to draw a USD 350 million tranche from the four-year facility. Amid the island's unprecedented economic crisis, the International Monetary Fund (IMF) in March 2023 approved a nearly USD 3 billion facility to assist Sri Lanka's efforts to durably restore macroeconomic stability by restoring fiscal and debt sustainability. The facility helped Sri Lanka revive its bankrupt economy by building its reserves and successfully negotiating debt restructuring with external creditors. The Executive Board of the International Monetary Fund (IMF) completed the Fourth review under the 48-month Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw SDR254 million (about USD 350 million)," the global lender said in a statement. This brings the total IMF financial support disbursed so far to SDR1.27 billion (about USD 1.74 billion). The reforms that were imposed on the

India's forex reserves dip by $1.01 bn to $697.93 bn in week to June 20

India's forex reserves dropped by USD 1.01 billion to USD 697.93 billion for the week ended June 20, the Reserve Bank of India said on Friday. In the previous reporting week, the reserves had jumped by USD 2.29 billion to USD 698.95 billion. Forex reserves had touched an all-time high of USD 704.885 billion in September 2024. For the week ended June 20, foreign currency assets, a major component of the reserves, dropped by USD 357 million to USD 589.06 billion, the data released on Friday showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. The gold reserves were down by USD 573 million to USD 85.74 billion during the week, the RBI said. The Special Drawing Rights (SDRs) declined by USD 85 million to USD 18.672 billion, the apex bank said. India's reserve position with the IMF also declined by USD 1 million to USD 4.45 billion in the ...

IMF's Gopinath praises Lanka's economic reforms, urges sustained momentum

International Monetary Fund (IMF) First Deputy Managing Director Gita Gopinath on Monday commended Sri Lanka's significant progress in economic reforms and emphasised the importance of maintaining momentum to ensure lasting stability and prosperity in the island nation. Gopinath is on a two-day official visit to Sri Lanka from June 15. During her meeting with President Anura Kumara Dissanayake at the Presidential Secretariat, Gopinath acknowledged the strong mandate received by the ruling National People's Power (NPP) in both parliamentary and local council elections, according to a press release issued by the president's office. She noted that these mandates "enhance the government's ability to implement much-needed reforms, it said. Dissanayake's party won record record-breaking two-thirds parliamentary majority in November last year. In the local council election held in early May, it gained a majority of the 338 seats. Gopinath commended the remarkable progress achieved over t

Pakistan's debt increases to PKR 76,000 billion by end-March 2025

Pakistan's debt has increased to PRs 76,000 billion in the first nine months of the current fiscal year, according to the economic survey, which indicated that the cash-strapped country's economy is likely to grow by 2.7 per cent this year. Finance Minister Muhammad Aurangzeb, who released the Economic Survey 2024-25 Monday, said Pakistan's economy has been on the path to recovery for the last two years, and the process was further stabilised and strengthened in the current fiscal year. The survey is a key pre-budget document highlighting the economic performance of the government in the fiscal year 2024-25. Pakistan's financial year begins on July 1. In the first nine months of the current fiscal year, the government's debt increased to PRs 76,000 billion, including PRs 51,500 billion from local banks and PRs 24,500 billion in loans from external sources, according to the document, which comes a day before the presentation of the budget. Addressing a press conference after launchi

Trump's trade war tougher test for emerging markets than Covid crisis: IMF

IMF's Gita Gopinath says emerging market central banks face more complex challenges amid Trump tariff shocks, capital flight risk and rate dilemmas

Datanomics: India closes in on Japan to be fourth-largest economy this year

India is likely to overtake Germany in 2028 as the third largest economy in the world, according to projections by the IMF

Economists see global growth coming under strain; India story intact: WEF

Chief economists from across the world are the most optimistic about a strong economic expansion in South Asia, with India looking set to be the primary engine of growth in 2025 and 2026, a new survey showed on Wednesday. The chief economists, however, warned of the overall global growth coming under strain from trade policy shocks and AI disruption, the World Economic Forum (WEF) said in its latest 'Chief Economists Outlook' report. A majority of surveyed economists saw the current US economic policy as having a lasting global impact, with 87 per cent expecting it to delay strategic business decisions and heighten recession risks. The global growth outlook was divided, with weak prospects in North America, resilience in Asia-Pacific and cautious optimism in Europe. "The outlook for China remains muted, and the chief economists were divided over whether it will reach its target of 5 per cent GDP growth this year. "Optimism remains highest for South Asia, where 33 per cent expect .

India beats Japan, now fourth-largest economy: NITI CEO Subrahmanyam

IMF projects India's GDP to cross Japan's in FY25; NITI Aayog chief says India will surpass Germany in 2.5-3 years to claim third-largest economy spot

FY26 budget talks with Pakistan 'constructive', to continue ahead: IMF

IMF concludes staff visit to Pakistan, says FY26 budget talks constructive and ongoing; confirms next review of Pakistan's funding programme set for second half of 2025

India to oppose World Bank's $20 bn lending to Pakistan next month

India will next month oppose the World Bank funding to Pakistan, just as it had done in case of IMF, arguing that Islamabad had used such funds in the past to procure arms and ammunitions, a government source said. Multilateral agencies' funding to developing countries are meant for poverty alleviation and development goals, but Pakistan's track record has been to misuse them for military purposes, the source said. World Bank is likely to review next month its USD 20 billion lending to Pakistan under the Country Partnership Framework agreed in January this year. The funds to cash-starved Pakistan were for areas, including clean energy and climate resilience for a period of the ten years beginning 2026. "We will oppose the upcoming World Bank funding to Pakistan," the source said. India had lobbied with IMF Chief Kristalina Georgiev and ministers of IMF board member nations against the agency extending a USD 2.3 billion assistance to cash-strapped Pakistan earlier this month. New

Despite terror concerns, what led IMF to approve Pakistan's bailout package

India abstained from the IMF vote, warning of potential misuse of funds; the IMF said Pakistan met reform targets and that disbursed funds were directed to the central bank

Pakistan met all conditions: IMF on financial assistance to Islamabad

The International Monetary Fund (IMF) has said its executive board granted USD one billion in assistance to Pakistan this month after finding out that the country met all conditions and targets for it. The IMF carried out a review of its extended fund facility (EFF) granted to Pakistan in September last year and based on it, the board approved the amount on May 9, said Julie Kozack, a director at global body's communications department. The IMF executive board approved the fresh assistance to Pakistan notwithstanding New Delhi's apprehensions that the funds could be used for cross-border terrorism. India's Defence Minister Rajnath Singh on May 16 pressed the IMF to reconsider the financial assistance, saying Islamabad could use a large part of it to fund the terrorist infrastructure. At a media briefing Kozack, answering a question, said the IMF executive board approved Pakistan's EFF programme in September last year and the first review at that time was planned for the first quart

IMF's Gita Gopinath says US needs to curb fiscal deficit, fix debt burden

Gopinath's remarks follow Moody's downgrade of the US credit rating and highlight rising debt, tax cuts and persistent trade uncertainty under Trump

Pakistan's govt trims its growth projection amid trade headwinds

Gross domestic product is estimated to expand 2.68 per cent in the fiscal year through June, Pakistan Bureau of Statistics said Tuesday

IMF slaps 11 new conditions on Pakistan: What are they?

Pakistan faces 11 new IMF conditions to unlock its next $1 billion bailout tranche — from tax reforms to energy pricing and car imports. What are these conditions? Watch the video to know!

Tensions with India may derail bailout scheme's goals: IMF warns Pakistan

The IMF also slapped 11 new conditions on Pakistan for the release of the next tranche of its bailout programme. This takes the total conditions imposed on Pakistan to 50

Ex-Pentagon official hits out at Trump over IMF Pakistan bailout move

Former Pentagon official Michael Rubin criticises IMF and Trump administration for approving $1 billion bailout to Pakistan, says move aids China and ignores Islamabad's links to terrorism

Datanomics: Pakistan's defence expenditure exceed its IMF bailouts

In 2024, the country received $1 billion under an Extended Fund Facility (EFF) worth $7 billion approved for disbursal over 37 months. The same year, it shelled out $10.2 billion in defence spends

Bangladesh requested $762 million hike in financial support, says IMF

The International Monetary Fund said Wednesday that Bangladesh sought an increase of about USD 762 million in financial support amid significant macroeconomic challenges, bringing the total financial assistance for the country under various arrangements to about USD 4.1 billion. The IMF staff and the Bangladesh authorities have reached a staff-level agreement on the policies needed to complete the combined third and fourth reviews under the Extended Credit Facility (ECF), Extended Fund Facility (EFF), and Resilience and Sustainability Facility (RSF). The staff-level agreement awaits IMF Executive Board approval and depends on prior actions, including tax reforms and full exchange rate liberalisation, the Fund said in a statement. Amid significant macroeconomic challenges, the authorities requested an augmentation of SDR (Special Drawing Rights) 567.2 million (approximately USD 762 million) in IMF financial support to Bangladesh under the ECF and EFF arrangements," IMF Mission Chief

IMF disburses $1.023 bn tranche to Pak; to hold discussions about budget

IMF disburses USD 1.023 bn tranche to Pak; to hold virtual discussions about budget