Page 9 - Imf

Pakistan's Budget aims to set stage for new bailout deal with IMF

Pakistan is in talks with the IMF for a loan estimated to be anything between $6 billion to $8 billion to avert a default for an economy

China more important than IMF? Why Pak PM postponed Budget to visit Beijing

Presenting the Budget is critical for Pakistan to finalise a fresh IMF deal

IMF says ECB interest rate cut 'appropriate,' Fed should stay cautious

IMF spokesperson Julie Kozack also told a regular news briefing that the US economy needs to slow in 2024 and the Fed should remain cautious in cutting rates

IMF's second review for extended fund facility set for June 12: Sri Lanka

The second review of the IMF's Extended Fund Facility under the USD 2.9 billion bailout to Sri Lanka has been set for June 12, the cash-strapped island nation's minister of state for finance Shehan Semsinghe said on Monday. Semasinghe hoped that if everything goes according to the procedure, the review should lead to the release of USD 300 million from the international lender's third tranche. "The second review of the International Monetary Fund's extended fund facility under the USD 2.9 billion bailout to the cash-strapped Sri Lanka has been set for June 12," he said. He said that Sri Lanka expects continued support from all countries for a successful review to unlock the third tranche. "We look forward to the continued support of all countries for a successful review to unlock the third tranche which will further enhance economic stability, growth and reform efforts," Semasinghe said. The island nation, in April 2022, declared its first-ever sovereign default since gaining ...

IMF upgrades China's 2024, 2025 GDP growth forecasts after 'strong' Q1

The global lender now expects the world's second-largest economy to grow 5 per cent in 2024 and to slow to 4.5 per cent in 2025

IMF, Pakistan make considerable progress on extended loan facility

The IMF has opened discussions with Pakistan on a new loan programme after Islamabad last month completed a short-term $3 bn programme

Pak mulls 5-yr extension on $15.5 bn Chinese debt amid IMF loan talks

Amidst talks with the International Monetary Fund about a fresh loan, cash-strapped Pakistan is contemplating seeking a five-year extension on the USD 15.5 billion debt in the Chinese energy sector, it emerged on Friday. The consent of the Chinese government as well as its Independent Power Producers' (IPPs) operating in Pakistan is mandatory to alter the existing contracts, which might require long negotiations to clinch the desired results, The News reported. If the government decides to make a formal request to China, then it will require long negotiations, the paper reported, and highlighted various options. One of the options is to reduce the tariff for consumers by Rs 1.1 from 2024-2029, and Rs 0.9 from 2030 to 2040. So, in totality, the average tariff will reduce by Rs 0.18 kWh from 2024 to 2040 with an extension in the tenor of debt for five years from 2036-2041, the report said, quoting top official sources. According to the official workings done by the relevant ministrie

IMF okays members to channel reserve assets to MDBs for hybrid instruments

The IMF said the board's decision on May 10, should help broaden the use of SDRs, while increasing the attractiveness of the SDR as a reserve asset

Pakistan PM Sharif unveils broader plan to sell most state-owned firms

The statement didn't clarify which sectors would be deemed strategic and non-strategic

Apex capex: How is govt capital expenditure driving India's growth

Centre and states capex now at Rs 19 trillion, cornered by infra

IMF expresses concern over ongoing political uncertainty in Pakistan

The IMF noted that despite a coalition government formed by the alliance of Pakistan Muslim League-Nawaz (PML-N) and Pakistan Peoples Party

IMF mission to meet Pak officials next week to discuss economic trajectory

An IMF mission will meet authorities of cash-strapped Pakistan next week to hold discussions for laying the foundation for "better governance" and "stronger economic growth", an official said on Sunday. Last month Pakistan completed a short-term USD 3 billion programme with the International Monetary Fund (IMF), which bailed the country out of any default. On Friday, an advance team of the Washington-based global lender reached the cash-strapped country to hold talks after Islamabad requested a longer and larger bailout package. A mission team led by Nathan Porter, IMF's mission chief to Pakistan, will meet with authorities next week to discuss the next phase of engagement," said Esther Perez Ruiz, IMF's resident representative for Pakistan. The aim is to lay the foundation for better governance and stronger, more inclusive, and resilient economic growth that will benefit all Pakistanis, the Dawn newspaper quoted her as saying. Pakistan has sought the next bailout package in the r

The ominous shadow of global debt

The IMF's latest reports warn that piecemeal solutions won't suffice anymore

Pak finance ministry sees inflation at 18.5%-19.5% in April, easing in May

Gross domestic product growth for the second quarter of the fiscal year ending in June is estimated at 1% and expected to improve in the second half of the fiscal year, it said in its monthly report

IMF approves immediate disbursal of $1.1 billion loan tranche to Pakistan

The International Monetary Fund has approved an immediate disbursal of USD 1.1 billion to Pakistan as part of a bailout package and said the country needs to take tough measures to bring its economy back on track. A decision in this regard was taken by the International Monetary Fund (IMF) Executive Board as it completed the second and final review of Pakistan's economic reform programme supported by the IMF's Stand-By Arrangement (SBA). With this development, the disbursements under the SBA reached around USD 3 billion. IMF's Deputy Managing Director Antoinette Sayeh said, "Given the significant challenges ahead, Pakistan should capitalize on this hard-won stability, persevering -- beyond the current arrangement -- with sound macroeconomic policies and structural reforms to create stronger, inclusive, and sustainable growth." Continued external support will also be critical, she said. Achieving strong, long-term inclusive growth and creating jobs require accelerating structural .

IMF boosts Asia's growth forecast to 4.5% this year on China, India

The latest data has taken into account the higher forecast for India published earlier this month and China's pace, on the back of expectations that government stimulus will boost growth

Pak PM Sharif discusses new loan programme with IMF chief Georgieva

Pakistan Prime Minister Shehbaz Sharif has met IMF chief Kristalina Georgieva and discussed a new loan programme for the cash-strapped country to put the economy back on track. In a meeting on the sidelines of the World Economic Forum (WEF) Special Meeting in Riyadh, the premier thanked Georgieva, the International Monetary Fund (IMF) Managing Director, for her support to Pakistan in securing the USD 3 billion standby arrangement (SBA) from IMF last year that was now nearing its completion. Pakistan secured the USD 3 billion IMF programme in June last year, which helped it avert a sovereign default. Pakistan is seeking a new long-term Extended Fund Facility (EFF) after the current SBA expires this month. Both sides also discussed Pakistan entering into another IMF program to ensure that the gains made in the past year were consolidated and its economic growth trajectory remained positive, according to a statement issued by the PM Office on Sunday. Sharif reiterated his government'

Sri Lanka approves IMF-backed law to seize any proceeds from crimes

The Proceeds of Crime Act (POCA) will allow for the judicial freezing and forfeiture of proceeds of crime and establishes a new authority to manage such seized assets

Pakistan eyes news IMF loan by early July: Finance Minister Aurangzeb

The country's current $3 billion arrangement with the fund -- which it secured last summer to avert a sovereign default -- runs out in late April

IMF team to visit Pak in May to negotiate new bailout package: Aurangzeb

Pakistan's Finance Minister Muhammad Aurangzeb has said that an IMF team is expected to visit Islamabad next month to negotiate a new long-term bailout package to secure a staff-level agreement for the cash-strapped country by mid-July. Speaking to the media after his week-long visit to Washington, the minister said the contours of the new International Monetary Fund programme will shape up later. "We will start getting into the granularity of the programme by mid-May, Dawn News quoted Aurangzeb as saying on Saturday. Cash-strapped Pakistan has made a formal request to the IMF to seek the next bailout package in the range of USD 6 to USD 8 billion with the possibility of augmentation through climate financing. Addressing journalists at the Pakistan Embassy in Washington, Aurangzeb expressed the hope that the global lender's board of governors would convene to consider the last tranche of the current programme by the end of this month, with the final instalment released shortly ...