Page 8 - Imf

IMF approves $7bn bailout for Pak, tranche of $1.1bn expected this month

The International Monetary Fund's board (IMF) on Wednesday approved a USD 7 billion Extended Fund Facility (EFF) for cash-strapped Pakistan, providing a critical boost to the country's struggling economy. The development was announced by the Prime Minister's Office (PMO) while a statement is expected from the IMF. The PMO said the premier expressed his satisfaction with the programme's approval. "The implementation of economic reforms is going on rapidly, he said, adding that the government would continue to work hard to achieve goals related to economic development after achieving economic stability. The prime minister said the increase in business activities and investment in the country was welcome and a testament to the hard work of the economic team, Dawn newspaper reported. Along with the successes on the diplomatic front, the increase in remittances from Pakistanis living abroad is a reflection of their confidence in the government's policies, he said, adding that the ...

Dissanayake's push for Sri Lanka economic change leaves IMF deal in limbo

Adding to the challenge, the prime minister's resignation on Monday meant the cabinet has been dissolved

IMF to start talks with new Lanka government led by President Dissanayake

The International Monetary Fund (IMF) on Tuesday said it will discuss the timing of the next review of Sri Lanka's loan programme and looks forward to working with the new government headed by President Anura Kumara Dissanayake. We look forward to working together with President Dissanayake and his team towards building on the hard-won gains that have helped put Sri Lanka on a path to economic recovery since entering one of its worst economic crises in 2022," the Washington-based lender said in a statement. Former president Ranil Wickremesinghe-led government was negotiating with the IMF for the release of the third tranche of the USD 2.9 billion facility when the presidential election was announced in July. The disbursement of around USD 360 million was anticipated after the third review which the IMF put on hold until the end of the election held last weekend. We will discuss the timing of the third review of the IMF-supported programme with the new administration as soon as ...

IMF surcharge burden on distressed countries calls for urgent reform

Surcharges neither ensure repayment nor protect IMF finances. Their main effect is to increase the burden of debt payments precisely when countries can least afford it

Forex reserves rise for 5th week, hit record high of $689.46 bn: RBI data

Foreign exchange reserves also include India's reserve tranche position in the International Monetary Fund

IMF to discuss $7 billion loan to cash-strapped Pakistan on Sep 25

The International Monetary Fund on Thursday said that its board will meet on September 25 to discuss the USD 7 billion Extended Fund Facility (EFF) to cash-strapped Pakistan. The loan package was agreed on July 12 when the two sides inked a staff level agreement but its formal approval was delayed due to failure of Pakistan to bridge external financing gap. However, chief of the State Bank of Pakistan, Jamil Ahmad, said the country had secured a commitment of USD 2 billion external financing, which had been a hurdle in the key Fund's meeting to endorse the 37-month EFF loan. Addressing a press briefing, IMF's spokesperson Julie Kozack said the Fund had reached a staff-level agreement with Pakistan in July. We are very happy that we can say now that the board meeting is scheduled to take place on September 25, she said. This is following Pakistan obtaining the necessary financing assurances from its development partners. The new EFF arrangement...follows the successful implementatio

Pakistan accepts IMF's condition to not establish new SEZs: Report

Pakistan has accepted the IMF condition that it would not establish any new special economic or export processing zone in the country as it waits for the approval of a USD 7 billion bailout package from the international money lender, a media report said on Wednesday. The Washington-based lender's condition will impact the government's plans to establish an export processing zone (EPZ) on a piece of land belonging to the closed Pakistan Steel Mills, The Express Tribune newspaper reported. The report quoted government sources as saying that the IMF had asked Pakistan that it would not create any new special economic zone (SEZ) or EPZ and tax incentives already availed by the existing zones will not be extended after expiry. While the condition will be applicable to both federal and provincial governments, Khyber Pakhtunkhwa has refused to accept it, the report said. The IMF's conditions underscore how deeply it has captured Pakistan's economic and industrial policies, which could ..

IMF pushes Kyiv on transparency after Ukrenergo chief Kudrytskyi's ouster

Kudrytskyi, who had worked closely with Ukraine's Western donors in efforts to shore up a power system decimated by Russian attacks, was ousted from the top job Sept. 2 by the supervisory board

World Bank follows IMF. Revises India's FY25 GDP growth forecast to 7%

The International Monetary Fund had earlier also raised India's growth forecast to 7 per cent for the financial year 2024-25 (FY25), following the conclusion of general elections in the country

Demand for work under MGNREGS drops for 10th consecutive month in August

Nearly 19 million individuals requested work under MGNREGS, showing a 17 per cent decrease compared to the same period last year

India to play prominent role in rule-making for fintech, DPI, says official

India has always been a "rule-taker" but it has a prominent role to play in rule-making in the fin-tech solutions and DPI area given that most of these technologies are made in the country, a senior diplomat said on Wednesday. Dammu Ravi, Secretary (Economic Relations), Ministry of External Affairs, said India wants to collaborate with the World Bank and the International Monetary Fund to help set standards for digital payments, blockchain technologies, and cyber securities. India is also trying to build and help countries in the global south with DPI (Digital Public Infrastructure). "For a long time, India has always been a rule-taker. We just complied with the rules made by the global community, largely driven by the Western nations. But in the fin-tech solutions, fin-tech technologies, and the DPI world, India has an eminent role to play in rule-making because most of the technologies are made in India," Ravi said while addressing Global Fintech Fest in Mumbai. The youth of Indi

Pakistan eyes $4 bn from West Asian banks to plug external financing gaps

Pakistan and the IMF reached an agreement on the loan program in July, subject to approval from the IMF's executive board

Making good progress with IMF to get board approval: Pak finance minister

Pakistan is in talks with Saudi Arabia, the United Arab Emirates and China to meet gross financing needs under the IMF programme

India could be $55 trillion economy by 2047 with 8% growth: IMF official

Krishnamurthy V Subramanian says India can achieve the feat if the country can keep the inflation below 5%

Workplace safety key to get more women in labour force: IMF's Gita Gopinath

IMF's Gopinath wants govt to conduct cost-benefit analysis of PLI scheme

India must focus on skilled workforce to become developed by 2047: Gopinath

India has grown well in terms of its overall growth rate, and at 7 per cent, it is the fastest growing major economy in the world, she said

Open to exploring more ways to increase collaboration with IMF: FM

India is open to exploring more ways to increase its collaboration with the International Monetary Fund (IMF), Finance Minister Nirmala Sitharaman said during a meeting with IMF's First Deputy Managing Director Gita Gopinath on Saturday. During the meeting, Gopinath congratulated the Finance Minister on policy continuity in the fiscal consolidation path being followed by the Government of India. "FM Smt. @nsitharaman stated that India deeply values its relationship and continuous engagement with IMF; and looking ahead, the Government of India is open to exploring more ways to increase India's collaboration with the IMF," the finance ministry said in a post on X. Besides acknowledging the vibrancy of the Indian economy, Gopinath appreciated the strength of India's relationship with IMF - valuable to both India, IMF, and to the world at large.

IMF's Gita Gopinath says India could become 3rd largest economy by 2027

India's growth was much better than IMF expectations the last fiscal year and those carryover effects are affecting our forecast for this year, said Gita Gopinath

India can become a $55 tn economy by 2047 with 8% growth: IMF exec director

IMF Executive Director Krishnamurthy V Subramanian noted the remarkable progress being made in financial inclusion through initiatives like the 'Pradhan Mantri Jan-Dhan Yojana'

Sri Lanka needs to raise fiscal revenue to maintain economic stability: IMF

IMF has also provided Colombo and financial advisors of the country's bondholders an assessment on a provisional deal