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International Monetary Fund

Amid Ukraine war, Russia upgraded to 'high-income' nation; here's why

Thriving in a war economy: Amid heavy sanctions, Russia's economy defied expectations, achieving a high-income status for the first time since 2014, according to the World Bank

Amid Ukraine war, Russia upgraded to 'high-income' nation; here's why
Updated On : 15 Jul 2024 | 6:27 PM IST

Pakistan secures new $7 billion loan from IMF offering breather for govt

The new 37-month deal, which will be Pakistan's 25th since independence, comes as the country faces loan repayments of about $24 billion this fiscal year, which started July 1

Pakistan secures new $7 billion loan from IMF offering breather for govt
Updated On : 13 Jul 2024 | 9:44 AM IST

Lanka approves debt restructuring; to ink deal on Jun 26: Govt spokesman

Cash-strapped Sri Lanka has approved the debt restructuring deal with its creditors while the negotiations with international sovereign bondholders are to be continued further, cabinet spokesperson and minister Bandula Gunawardena said on Tuesday. Gunawardena also said that top treasury officials along with the minister of state for finance have been sent to Paris to sign the relevant agreements with the Official Creditors Committee which comprises two types of creditors called Paris Creditors and Non-Paris Creditors. There are a group of 15 countries under the Paris Creditors group whereas seven countries, including India in the Non-Paris Creditors. "Sri Lanka on Tuesday approved the debt restructuring deal with creditors committee while the negotiations with international sovereign bondholders are to be continued further," Gunawardena, the minister for Transport, Highways and Mass Media said. "Sri Lanka faced its worst crisis since independence when we were no longer able to meet

Lanka approves debt restructuring; to ink deal on Jun 26: Govt spokesman
Updated On : 25 Jun 2024 | 7:28 PM IST

Shehbaz Sharif vows to end Pak's dependency on foreign aid and IMF bailouts

Prime Minister Shehbaz Sharif has pledged to end Pakistan's dependency on foreign aid and IMF bailouts and surpass neighbouring nations in economic activity, as he outlined a series of bold reforms to reduce the cash-strapped government's expenses and revive the economy. Sharif addressed the nation on Saturday and expressed hope that the next deal with the International Monetary Fund (IMF) for a bailout package would be the last in Pakistan's history. The Pakistan government is currently in talks with the IMF for a loan estimated to be between USD 6 billion to USD 8 billion, as it strives to avert a default in a slow-paced economy. Sharif emphasised that every penny would be spent on the progress of the nation and its people. He expressed commitment to reduce expenses and, within five years, provide education and skills to the youth. Inshallah, this will be the last IMF programme in Pakistan's history. We will stand on our feet and surpass our neighbouring countries in economic ..

Shehbaz Sharif vows to end Pak's dependency on foreign aid and IMF bailouts
Updated On : 16 Jun 2024 | 1:42 PM IST

Tax burden in UK highest since 1949; election pledges won't bring relief

Election pledges not to raise tax have been common since 1997, when Tony Blair promised not to raise income tax or VAT

Tax burden in UK highest since 1949; election pledges won't bring relief
Updated On : 14 Jun 2024 | 1:45 PM IST

Agreement with IMF for fresh loan expected next month: Pak Finance Minister

Pakistan's finance minister Mohammad Aurangzeb on Thursday said an agreement to secure a fresh loan to address the country's economic woes is expected to be reached with the International Monetary Fund next month. Aurangzeb, while addressing a post-budget press conference here, a day after unveiling the Rs 18,877 billion budget, announced that negotiations with the IMF were underway and going in the right direction. I don't want to say anything in finality other than the fact that it's (IMF talks) moving positively, he said and expressed hope that a staff-level agreement (SLA) is expected in July too. He, however, declined to talk further on the topic of SLA. The budget, which many believe is designed to meet IMF requirements for securing another USD 6 billion to USD 8 billion loans under the medium-term Extended Fund Facility (EFF), marks a 25 per cent increase over the outgoing fiscal year's outlay. The government has proposed historically-high additional taxes through various .

Agreement with IMF for fresh loan expected next month: Pak Finance Minister
Updated On : 13 Jun 2024 | 5:17 PM IST

Pak may borrow $23 bn in next fiscal year to finance development plans

Pakistan has planned to borrow a minimum of USD 23 billion in the next fiscal year, including the rollover of a bilateral debt of USD 12 billion, to finance its development plans and meet its external financing requirement which will keep the cash-strapped country's foreign and economic policies dependent on global financial institutions like the IMF, according to a media report on Thursday. Budget documents for fiscal year 2024-25 showed that Pakistan would borrow at least USD 23.2 billion, or Rs 5.9 trillion, which did not include any loan from the International Monetary Fund (IMF), The Express Tribune newspaper reported, adding that the International Monetary Fund's loan will be for balance of payments support. Out of the USD 23 billion, the government has included USD 20 billion in budget documents. It has not made the rollover of USD 3 billion by the United Arab Emirates (UAE) part of federal books as it is also meant for balance of payments support. Details showed that Pakista

Pak may borrow $23 bn in next fiscal year to finance development plans
Updated On : 13 Jun 2024 | 2:19 PM IST

Pakistan budget sets big tax target of $46.66 bn ahead of IMF talks

Pakistan has projected a sharp drop in its fiscal deficit for the new financial year to 5.9% of GDP, from an upwardly revised estimate of 7.4% for the current year

Pakistan budget sets big tax target of $46.66 bn ahead of IMF talks
Updated On : 13 Jun 2024 | 10:50 AM IST

Pakistan likely to hike taxes in budget to bolster chances of IMF loan

"Everyone will have to contribute in this economy because schools or universities or hospitals can run with philanthropy but countries can only run through taxes," Pak Finance Minister Aurangzeb said

Pakistan likely to hike taxes in budget to bolster chances of IMF loan
Updated On : 12 Jun 2024 | 7:37 AM IST

Sri Lanka has made 'strong progress' on debt restructuring front, says IMF

Sri Lanka's macroeconomic policy reforms have started to "bear fruit" and the country is expected to reach agreements with external commercial creditors soon, the IMF has said ahead of the second review of it's USD 2.9 billion bailout programme to the cash-strapped country. Addressing a press conference on Friday, International Monetary Fund (IMF) Communication Department Director Julie Kozack asserted that Sri Lanka has made "sufficiently strong progress on the debt restructuring front". She said that the island nation's programme performance is "strong", with most quantitative and structural conditionality for the second review met or implemented with delay, adding that reforms are still ongoing in some areas. The second review of the IMF's Extended Fund Facility under the USD 2.9 billion bailout of Sri Lanka has been set for June 12. Kozack confirmed that the IMF's Executive Board will meet to discuss the second review and the Article IV Consultation. Under Article IV of the IM

Sri Lanka has made 'strong progress' on debt restructuring front, says IMF
Updated On : 08 Jun 2024 | 2:00 PM IST

Pakistan abandoned

Hard economic decisions will help its future

Pakistan abandoned
Updated On : 28 May 2024 | 8:59 PM IST

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

IMF, Pakistan make considerable progress on extended loan facility
Updated On : 24 May 2024 | 12:46 PM IST

What is China doing to support its property market? All you need to know

China had 391 million square meters (4.2 billion square feet) of completed and unsold homes at the end of April, equivalent to 6.6 Manhattans, official data show

What is China doing to support its property market? All you need to know
Updated On : 24 May 2024 | 7:23 AM IST

IMF issues warning of significant downside risks for Pakistan's economy

This uncertainty, it warns, could have profound effects on policymaking, particularly given the high cost of living and other political complexities

IMF issues warning of significant downside risks for Pakistan's economy
Updated On : 11 May 2024 | 9:56 AM IST

Pak to seek rollover of $12 bn debt to meet target before IMF team arrives

Pakistan has decided to seek a rollover of around USD 12 billion debt from key allies like China in the 2024-25 fiscal year to meet a whopping USD 23 billion worth of gap in its external financing as the federal government aims to achieve budget targets before the expected arrival of an IMF team to the cash-strapped country. According to the Finance Ministry insiders, USD 5 billion from Saudi Arabia, USD 3 billion from the UAE and USD 4 billion from China will be rolled over, adding that the estimate of further new financing from China would also be included in the next financial year's budget, The Express Tribune newspaper reported. Pakistan will receive more than USD 1 billion from the International Monetary Fund (IMF) under the fresh loan programme, whereas new financing from the World Bank and Asian Development Bank has also been included in the estimated budget. According to the Finance Ministry sources, new loan programme agreements will be made with financial institutions. Th

Pak to seek rollover of $12 bn debt to meet target before IMF team arrives
Updated On : 10 May 2024 | 12:53 PM IST

Strong capex, domestic demand behind India's growth performance: IMF

Finance Minister Nirmala Sitharaman, in the interim budget, proposed to raise the capital expenditure target by 16.9 per cent to a record Rs 11.11 trillion for FY24-25

Strong capex, domestic demand behind India's growth performance: IMF
Updated On : 30 Apr 2024 | 6:03 PM IST

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 approves immediate disbursal of $1.1 billion loan tranche to Pakistan
Updated On : 30 Apr 2024 | 10:55 AM IST

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

Sri Lanka approves IMF-backed law to seize any proceeds from crimes
Updated On : 26 Apr 2024 | 2:31 PM IST

Trade fragmentation

India must adjust to emerging trends

Trade fragmentation
Updated On : 25 Apr 2024 | 2:59 AM IST

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 ...

IMF team to visit Pak in May to negotiate new bailout package: Aurangzeb
Updated On : 21 Apr 2024 | 2:25 PM IST