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Developing economies will need $1 trn in RE sector to achieve net-zero: IMF

The IMF on Friday said that developing economies needed an investment of USD 1 trillion a year by 2030 solely in the renewable energy sector to stay on track to achieve the net-zero greenhouse gas emissions target by 2050. Observing that emerging markets and developing economies account for two-thirds of global greenhouse gas emissions and many are highly vulnerable to climate hazards, the International Monetary Fund said these developing economies would need significant climate financing in the coming years to reduce their emissions and to adapt to the physical effects of climate change. The investment needs of these economies solely in renewable energy could reach USD 1 trillion a year by 2030 if they are to stay on track to achieve net-zero greenhouse gas emissions by 2050, it said, adding that developing economies alone will require up to USD 300 billion a year by 2030 to adapt agriculture, infrastructure, water supply, and other parts of their economies to counterbalance the ...

World could lose $4 trillion in economic output between now and 2026: IMF

The global economic outlook is darkening and the risks of recession are quickly rising as per the International Monetary Fund, which said it will once again lower its growth projections

Global economy moving from 'relative predictability' to uncertainty: IMF MD

The global economy is moving from a world of relative predictability to one of greater uncertainty, IMF chief Kristalina Georgieva has said, warning that countries accounting for about one-third of the world economy will experience at least two consecutive quarters of contraction this or next year. In a major policy speech here ahead of the annual meeting of the International Monetary Fund (IMF) and the World Bank, IMF Managing Director Georgieva on Thursday said the World Economic Outlook to be released next week would further downgrade the global growth projections. We have downgraded our growth projections three times already, to only 3.2 per cent for 2022 and 2.9 per cent for 2023. And as you will see in our updated World Economic Outlook next week, we will downgrade growth for next year, she said. We will flag that the risks of recession are rising. We estimate that countries accounting for about one-third of the world economy will experience at least two consecutive quarters o

140 organisations worldwide ask IMF to issue $650 bn to help poor nations

Allocating more IMF reserve assets known as special drawing rights, or SDRs, "would immediately make hundreds of billions of dollars available to nearly all low- and middle-income IMF member countries

IMF warns of higher recession risk and darker global outlook in 2023

The International Monetary Fund is once again lowering its projections for global economic growth in 2023, projecting world economic growth lower by USD 4 trillion through 2026. Kristalina Georgieva, managing director of the IMF, told an audience at Georgetown University on Thursday that things are more likely to get worse before it gets better. Georgieva said the institution downgraded its global growth projections already three times, to 3.2 per cent for 2022 and now 2.9 per cent for 2023.

Open-end investment funds a potential vulnerability to assets markets: IMF

Open-end investment funds, which have grown significantly to USD 41 trillion globally in the first quarter of 2022, pose a major potential vulnerability to the asset markets, the IMF said on Tuesday and called for greater international regulatory coordination to ensure their effectiveness. In its latest edition of the global financial stability report, the International Monetary Fund noted that open-end funds play an important role in financial markets, but those that offer daily redemptions while holding illiquid assets can amplify the effects of adverse shocks by raising the likelihood of investor runs and asset fire sales. This contributes to volatility in asset markets and potentially threatens financial stability, it said. These concerns are particularly pertinent now as central banks normalise policy amid heightened uncertainty about the outlook. A disorderly tightening of financial conditions could trigger significant redemptions from these funds and contribute to stress in .

Bank of England to buy UK bonds worth 65 bn pounds to stem market rout

The Bank of England stepped in on Wednesday by offering to buy some of the country's long-term debt as an emergency measure to prevent "material risk" to the country's financial stability, amid an unprecedented warning by the IMF that the UK's recent mini-budget risked making the cost-of-living crisis worse. The central bank said it would buy as many long-dated government bonds as needed between now and October 14 in a bid to calm some of the mayhem that followed the Liz Truss-led government's massive tax-cutting and government borrowing mini-budget last Friday. It has seen the pound tumble against the dollar as investors demand a greater rate of return for UK bonds because the level of government borrowing required to fund the financial measures have spooked the markets. The Bank is monitoring developments in financial markets very closely in light of the significant repricing of UK and global financial assets, the Bank of England said in a statement. This repricing has become mor

'All hell' to break loose: Pak PM Shehbaz Sharif appeals for debt relief

Pakistan should suspend international debt repayments and restructure loans with creditors after recent floods added to the country's financial crisis, says report

India's GDP likely to grow 7.2-7.4% in FY23, says CEA Nageswaran

Global slowdown positive for India on balance, says CEA

India starts debt-restructuring talks with Sri Lanka, vows support

"The discussions held in a cordial atmosphere symbolise India's support to early conclusion and approval of a suitable IMF programme for Sri Lanka," the High Commission said.

Top Headlines: Stricter framework for FPI owners, India Inc's capex, & more

The Securities and Exchange Board of India (Sebi) is mooting a stricter framework for identifying "beneficial owners (BOs)" of foreign portfolio investment (FPI) in the country

India to push big for multilateral reforms of WTO, IMF as G20 Chair

Focus will also be on climate justice, green financing

Shehbaz Sharif likely to meet Joe Biden during his UNGA visit: Report

Pakistan Prime Minister Shehbaz Sharif is likely to meet US President Joe Biden during his visit to New York to attend the 77th session of the United Nations General Assembly next week, a media report said on Saturday. Sharif on Saturday left for the United States via London to participate in the UN General Assembly Sessions beginning from September 20, state-run Radio Pakistan reported. He will also represent Pakistan at the State Funeral of Queen Elizabeth II in London on September 19 and later depart for the US on a five-day trip during which he will also hold meetings with the heads of the International Monetary Fund (IMF) and World Bank (WB). Cash-strapped Pakistan is seeking help from close allies to overcome its financial woes. Last month, the IMF approved a USD 1.1 billion bailout package for Pakistan. The IMF has approved the disbursement of more than USD 1.1bn to Pakistan, reviving a stalled USD 7bn assistance package expected to help stave off default despite a severe ..

Fast-tracking of status on cryptocurrency assets may be in works

India, like many other countries, is currently not FATF-compliant on crypto assets

India plans no more funding for Sri Lanka as IMF talks progress: Report

'We have already given $3.8 billion worth of assistance. Now it's all about the IMF'

Central bankers must be 'stubborn' in fighting inflation: IMF's Georgieva

If fiscal policy & monetary policy worked well, next year might prove less painful. But if fiscal policy was not targeted sufficiently, it could become the enemy of monetary policy, fueling inflation

IMF looks at ways to help countries affected by global food shock

About 50 nations meet the criteria, with 20 to 30 being in need "immediately," Georgieva said

Lazard in talks with China, India, Japan on restructuring Sri Lanka's debt

The three countries hold about $13 billion of Sri Lanka's debt, while China is Sri Lanka's largest bilateral creditor

IMF has to play key role for stability of global monetary system: Murmu

Top IMF official Kristalina Georgieva on Friday called on President Droupadi Murmu who said that the organisation has to play an important role in maintaining the stability of the global monetary system. Welcoming the International Monetary Fund's Managing Director to Rashtrapati Bhavan, the President said the world is passing through the third year of the COVID pandemic, and its ravages have been allayed in part by significant assistance given to many low-income countries by the IMF and the World Bank. According to a Rashtrapati Bhavan statement, Murmu said the IMF has to play an important role in maintaining the stability of the international monetary system. The President said India is one of the fastest growing major economies of the world and India's start-up ecosystem ranks high in the world. "The success of start-ups in our country, especially the growing number of Unicorns, is a shining example of our industrial progress. What is even more gratifying is that the development

PM Sharif says Imran Khan 'out to undermine Pakistan', blew up IMF deal

Miftah had also claimed that the deal with the global lender was delayed by the previous government and that, too, was poorly negotiated