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India's external debt rises 8.2% to $620.7 bn till Mar 2022: FinMin report

While 53.2% of the debt was denominated in the US dollar, Indian rupee-denominated debt, estimated at 31.2%t, was the second largest, as per the status report released by FinMin

'Must provide jobs to those not well-educated to go beyond freebies'

Harvard Business School professor Christian Ketels says it isn't useful to think of manufacturing versus services jobs; a range of sectors need to be mobilised for job creation

IMF raises red flag over Chinese investment in Pakistan, says report

The IMF has again raised a red flag in the context of CPEC and stated that in early 2022, new investment could raise growth prospects but contingent liabilities also pose a risk to debt sustainability

IMF chief pleased that Sri Lanka reached staff-level deal for $2.9 billion

The IMF chief Kristalina Georgieva on Sunday said she is pleased the Washington-based lender and the Sri Lankan government have reached a staff-level agreement to provide about USD 2.9 billion to help the bankrupt country, terming the deal as an important step forward. The International Monetary Fund (IMF) on Thursday announced that it will provide Sri Lanka a loan of about USD 2.9 billion over a four-year period to help the island nation overcome the unprecedented economic turmoil. The bailout package is expected to boost the country's credit ratings and the confidence of international creditors and investors. Very pleased that IMF staff and Sri Lankan government officials have reached a staff-level agreement to support the country's economic policies with a 48-month Extended Fund Facility of about USD 2.9 billion, Georgieva said in a tweet. This is an important step forward for Sri Lanka, she added. The new Extended Fund Facility (EFF) arrangement will support Sri Lanka's progra

China accounts for 30% of Pakistan's foreign debt including SCBs: IMF

Chinese debt to Pakistan has been revised upwards by $4.6 billion to about $30 billion, the IMF report said, from $25.1 billion in February.

High food, petrol prices can trigger protests in Pakistan: IMF warns

Rising inflation in Pakistan, accelerating to 27.3 per cent in August -- a 47-year high -- can trigger "social protest and instability" in the cash-strapped country, the International Monetary Fund (IMF) has warned. Pakistan's inflation measured by the consumer price index (CPI) accelerated to 27.3 per cent in August this year -- the level last seen in May 1975 -- even as the full impact of unprecedented floods on the prices of food items and other commodities is yet to come. The adverse impacts of the floods and consequent disruption in food supplies will be visible in the inflation reading for the month of September, which may push the rate far higher than that of August. "High food and fuel prices could prompt social protest and instability," the IMF said in an executive summary of the seventh and eighth reviews. The IMF Executive Board earlier this week approved the seventh and eighth review of the stalled USD 6 billion Pakistan programme, and the State Bank of Pakistan (SBP) t

Sri Lanka parliament passes 2022 interim budget with 120 votes, 5 opposed

Sri Lanka's Parliament passed the interim budget presented by President Ranil Wickremesinghe for 2022 on Friday, a day after the IMF announced it will provide a loan of about USD 2.9 billion to help the crisis-hit country tide over its worst economic hardships. The budget was passed with only 5 members voting against it. Three legislators from the Janatha Vimukthi Peramuna (JVP) and two MPs from the All Ceylon Tamil Congress voted against the interim budget. A total of 115 members in the 225-member assembly voted in favor while the main opposition SJB abstained from voting. Wickremesinghe aimed for tax reforms while allowing relief to the most vulnerable groups affected by the ongoing economic crisis in the island nation. The interim budget introduced a number of tax reforms pertaining to income tax, value added tax (VAT), telecommunication levy and betting and gaming levy. VAT rate will be increased to 15 per cent from the current rate of 12 per cent with effect from September 1 t

IMF approval of financing programme mark of confidence: Zambian Prez

The Zambian President, who expressed gratitude to the international lender, said the programme will culminate in jobs, a more affordable cost of living and enhanced development prospects

Issue of creditor equatability important: India on Lanka IMF loan

With the IMF announcing a loan of about USD 2.9 billion to Sri Lanka, India on Thursday said it has been advocating assistance to the crisis-hit country and underlined that the issues of "creditor equitability and transparency" are important. The IMF on Thursday announced that it will provide Sri Lanka a loan of about USD 2.9 billion over four years under a preliminary agreement to help the bankrupt island nation tide over its worst economic crisis and protect the livelihoods of the people. Sri Lanka is going through its worst economic crisis since its independence in 1948 which was triggered by a severe paucity of foreign exchange reserves. Asked about the development, Ministry of External Affairs Spokesperson Arindam Bagchi said, "We have seen the press release by the IMF regarding the staff-level agreement...the IMF release said the objectives include restoration of macroeconomic stability, debt sustainability, protecting the vulnerables, stepping up structural reforms." "We als

IMF strikes $2.9 bn deal with Sri Lanka to recover from financial crisis

IMF said that the economy is expected to contract by 8.7 per cent in 2022 and inflation recently exceeded 60 per cent, of which the impact has been disproportionately borne by the poor

Pakistan looking into options to seek flood emergency loan from IMF

As per the initial estimates by the Ministry of Finance, the average inflation rate could sharply accelerate to up to 26 per cent due to the disruption in supply chain

Crisis-hit Sri Lanka strikes staff-level pact with IMF on loan: Report

The debt-laden island nation had sought up to $3 billion from the global lender as it struggles with its worst economic crisis in more than seven decades

IMF may make formal announcement on SL's bailout package tomorrow: Reports

The visiting IMF delegation is expected to conclude talks with the Sri Lankan government and make a formal announcement on Thursday on the much-awaited bailout package and staff-level agreement for the cash-strapped island nation, media reports said on Wednesday. Sri Lanka is going through its worst economic crisis since its independence in 1948 which was triggered by a severe paucity of foreign exchange reserves. The second such visit from the International Monetary Fund (IMF) in three months comes at a time when Sri Lanka is scrambling to chalk out a staff-level agreement with the Washington-based global lender for a USD 5 billion programme, which could be the antidote for the country's current economic travails. "The IMF Mission in Colombo has been extended by one day because discussions are still ongoing with the authorities, Colombo Page news portal reported, quoting Senior Mission chief Peter Breuer, as saying. Breuer, who is an expert in debt restructuring, said his team pla

As IMF okays Pak revival plan, Sharif says 'is not an end in itself'

As International Monetary Fund (IMF) approved Pakistan's revival plan to stabilize the country's economy, Prime Minister Shahbaz Sharif has said that it "is not an end in itself".Prime Minister's remarks come after IMF executive board approved the revival of Pakistan's Extended Fund Facility (EFF) programme on Monday with which the country will receive the 7th and 8th tranche of USD 1.17 billion.Taking to Twitter, the Prime Minister said that the revival of the IMF programme is a path to the reorientation of the Pakistani economy."Revival of IMF program, though critical to our economy, is not an end in itself. It offers a pathway to reorient our economy. We will have to work hard to make it self-sufficient. Pakistan must break out of the economic straitjacket, which is only possible through structural reforms," he said.Finance Minister Miftah Ismail had tweeted, "Alhamdolillah the IMF Board has approved the revival of our EFF program. We should now be getting the 7th & 8th ...

Sri Lanka president raises IMF loan hopes, budget aims to bolster revenue

Sri Lanka's talks with the IMF on a bailout package have made solid progress, its president said

IMF revives Pakistan's EFF programme, approves $1.17-bn bailout fund

The IMF's executive board on Monday approved the revival of Pakistan's Extended Fund Facility (EFF) programme after which the cash-strapped country will receive the 7th and 8th tranche of USD 1.17 billion. Finance Minister Miftah Ismail said that the International Monetary Fund's Board has approved the revival of Pakistan's EFF program. "We should now be getting the 7th & 8th tranche of USD 1.17 billion. I want to thank the Prime Minister @CMShehbaz for taking so many tough decisions and saving Pakistan from default. I congratulate the nation," he tweeted. Pakistan and the IMF had signed the USD 6 billion deal in July 2019 but the programme was derailed in January 2020 and restored briefly in March this year before again going off the track in June. The global lender also approved to increase the loan size to around USD 7 billion and extended it till June 2023. The development follows the completion of the USD 4 billion in bilateral financing from four friendly nations, including

Pakistan eyes IMF board's crucial meeting on bailout package today

Pakistan is eyeing an important and crucial meeting of the executive board of the IMF, which is to be held today to take a decision on a bailout package for the country

Pakistan set to dodge short-term default; political turmoil grows

Pakistan needs financial help to deal with "overwhelming" floods, its foreign minister said, adding that he hoped financial institutions such as the IMF would take the economic fallout into account

Imran Khan's party trying to sabotage IMF deal, says Pak PM Shehbaz Sharif

Pakistan Prime Minister Shehbaz Sharif on Sunday accused Imran Khan's Pakistan Tehreek-e-Insaf party of trying to sabotage a deal with the IMF ahead of the Washington-based lender's crucial board meeting, asserting that self-centred politics will cause huge injustice to the country. The IMF executive board will convene on Monday to decide whether to disburse USD 1.18 billion loan tranche to Pakistan, as the country scrambles to avoid an economic collapse, amid high inflation and dwindling foreign exchange reserves. "I have never seen such self-centred politics; it will be a huge injustice with Pakistan and a big conspiracy against the country, Sharif said, while referring to the Pakistan Tehreek-e-Insaf party, on his visit to inspect flood victims in Sindh province. On Friday, Khyber Pakhtunkhwa province Finance Minister Taimur Khan Jhagra shot off a sharply-worded letter to his federal counterpart Miftah Ismail, saying it would be next to impossible to run a provincial surplus this

Faster debt relief needed as more nations seek help, says IMF's Gopinath

More countries are likely to seek debt relief as a stronger dollar makes repayments tougher, says IMF chief