Page 14 - International Monetary Fund

India among very few standout performers in a world of uncertainties: FM

In a world of uncertainties, India is one of the very few standout performers, Union Finance Minister Nirmala Sitharaman said on Friday, a day after the International Monetary Fund described the country as a bright spot in a global economy which is facing an imminent recession. Sitharaman was addressing the International Monetary Finance Committee during the ongoing annual meeting of the World Bank and the IMF. "In a world of uncertainties, India is one of the very few standout performers," the minister said. She said India's National Statistical Organisation (NSO) has now placed the GDP growth for Q1 of the current financial year 2022-23 at 13.5 per cent on a year-on-year basis the highest among the large economies. Sitharaman said this was achieved despite the fact that India started the monetary normalisation process quite early: surplus liquidity is being absorbed with the Standing Deposit Facility instituted in April 2022 and interest rate hikes from May this year. The centr

Inflation will not come below RBI's tolerance level in FY23: IMF's Choueiri

India relative bright spot in the world; 6.8 per cent growth rate 'really a good number': Senior executive

Through a 40-year prism: India's record creditable, but not outstanding

India's share of world GDP, after shrinking in the 1981-91 decade from 1.7% to 1.1%, rose to 2.5% by 2011, and then to 3.3% in 2021, with still higher shares to come, writes T N Ninan

Use dollar-denominated forex reserves wisely, IMF urges emerging economies

Asks these economies to reinstate swap lines with advanced economy central banks

UK PM Liz Truss sacks finance minister Kwarteng: Here is what happened

Kwarteng recently said that he was 'absolutely, 100 per cent' confident that he would be in post in November despite rising rebellion

IMF mission expected to visit flood-hit Pakistan next month: Official

An IMF team is expected to visit Pakistan early in November to start the next review of the country's current economic programme, a senior official of the global lending body has said. In its last review in August, the International Monetary Fund (IMF) approved the 7th and 8th tranches of USD 1.17 billion, of its USD 7 billion Pakistan programme which was signed in 2019. The global lender said that it would send a mission in November to Pakistan after the annual meetings as part of preparations for the next review, IMF's Director of the Middle East and Central Asia, Jihad Azour was quoted by Dawn newspaper on Thursday. At a media briefing in Washington, Azour extended support to the flood-hit country. We accelerated some of our disbursements to help Pakistan deal with recent shocks, such as the increase in prices of foods and commodities, he said. Hopefully, we will be fielding a mission in November, after the annual meetings, to Pakistan to start the process for the next review,"

Asia now world's largest debtor and saver; high risk of debt distress: IMF

Asia's economies will need to focus on fiscal stability in order to offset surging debt and to support monetary policy, the International Monetary Fund has warned.

Act now to bring down inflation, safeguard financial stability: IMF Chief

The International Monetary Fund on Thursday urged policy makers across the world to act now to bring down inflation, put in place responsible fiscal policy, safeguard financial stability and carry reforms to address climate change, make digitalisation work for people and address inequality. Speaking to reporters at a press conference here, IMF Managing Director Kristalina Georgieva said, "The IMF is working with our 190 members on these issues. Our economic analysis is front and centre to help countries navigate this complex environment and avoid policy mistakes. Describing it as a difficult global environment, Georgieva said the world economy has been hit by one shock after another the coronavirus pandemic, Russia's invasion of Ukraine and climate disasters on every continent. They continue to harm people's lives and they have caused a cost-of-living crisis, she noted. The immediate toll is clear. On Tuesday, we cut our global growth forecast to 2.7 per cent in 2023. Across many .

Transition Bonds poised to hit $1.5 trillion: Climate Bonds Initiative

The market for these new securities is set to hit $1.5 trillion by the end of the decade, up from just $12 billion, according to the Climate Bonds Initiative, the world's No. 1 certifier of green debt

India to become world's third-largest economy by FY28, says IMF

Projected to grow bigger than Japan at $5.36 trillion

India's economy faces significant external headwinds, says IMF

Earlier this week, the Washington-based fund lowered India's growth forecast by 0.6 percentage points to 6.8% for the year ending March 2023 -- the biggest downgrade among major economies after the US

India will have a difficult task as G-20 chair, says IMF chief economist

India, which will hold the G-20 presidency next year, will have a difficult task as the group's chair to bring countries together on some of the key challenges being faced by the world, Pierre-Olivier Gourinchas, the chief economist of the IMF, said on Wednesday. One of the challenges for the G-20 right now, as we've seen, is of course how to deal with geo-economic fragmentation. And geo-economy fragmentation is just reflecting the fact that we've seen enormous tensions following the Russian invasion of Ukraine, Gourinchas told PTI in an interview. To some extent to the G-20, it's much harder to have these kinds of conversations around the common goods in the current environment because there is all this tension related to geopolitical considerations. And so, India will have a difficult task, but also, I would think one of the important objectives will be to keep the countries at the table, to keep the discussion going, keep progress being made on important issues, he said in respons

Digitisation a game changer for Indian economy, says IMF chief economist

Applauding India's digitisation efforts, the chief economist of the International Monetary Fund (IMF) on Wednesday said the move was a game changer as it had allowed the Indian government to do things that would have been extremely difficult otherwise. "Digitisation is helping along a number of dimensions. One is financial inclusion, obviously because there are a lot of people in countries like India that were unbanked. And having access to digital wallets is a way in which they can enter into transactions that are not just cash transactions, which are very inefficient," Pierre-Olivier Gourinchas, the chief economist of IMF, told PTI in an interview in response to a question about India's digitisation efforts. "I think it (digitization) has allowed the (Indian) government to do things that would have been extremely difficult to do otherwise. Yes (it is a game changer). It is certainly something that is a very welcome development, Gourinchas suggested. So that's a huge plus in terms

India bright light economy, but reforms needed for $10 trn GDP: IMF

India has emerged as a bright light at a time when the world is facing imminent prospects of a recession, the chief economist of the International Monetary Fund (IMF) said on Wednesday, noting that the country, however, needed key structural reforms in order to achieve the ambitious target of being a USD 10 trillion economy. Pierre-Olivier Gourinchas, chief economist of the IMF said: Well, India is, I want to say, sort of bright light. The Indian economy has been doing reasonably well. In its World Economic Outlook on Tuesday, the IMF projected a growth rate of 6.8 per cent in 2022 as compared to 8.7 per cent in 2021 for India. The projection for 2023 slides down further to 6.1 per cent, he noted. Responding to a question on the ambitious goal of India becoming a USD 10 trillion economy, Gourinchas told PTI that he certainly believes this is achievable. I mean, we've seen a number of countries grow at very fast rates in the past and really develop very rapidly. So, I think it's ..

India's deployment of cash transfer scheme a logical marvel: IMF

India's deployment of a direct cash transfer scheme and other similar social welfare programmes is a logical marvel, the International Monetary Fund (IMF) said on Wednesday. From India, there is a lot to learn. There is a lot to learn from some other examples around the world. We have examples from pretty much every continent and every level of income. If I look at the case of India, it is actually quite impressive, Paolo Mauro, Deputy Director of the Fiscal Affairs Department at the IMF, told reporters at a news conference here. In fact, just because of the sheer size of the country, it is a logical marvel how these programmes that seek to help people who are at low-income levels reach literally hundreds of millions of people, he said in response to a question on the impressive direct cash transfer programme being successfully implemented by the Indian government. There are programmes that target specifically women. There are programmes that target the elderly and farmers. Perhaps

Finance Minister Sitharaman to host breakfast for G20 counterparts

Union Finance Minister Nirmala Sitharaman will here on Thursday host a breakfast for her counterparts from G-20 countries on the sidelines of the annual meeting of the International Monetary Fund and the World Bank. Founded in 1999, G-20 is a grouping of 19 major world economies along with the European Union. India will assume the annual presidency of G-20 countries in December this year. Indonesia is currently heading the G-20 presidency. US Treasury Secretary Janet Yellen along with finance ministers of other G-20 countries have confirmed to attend the breakfast meeting being hosted by Sitharaman at the headquarters of the International Monetary Fund here. Sitharaman with this meeting intends to set the pace and scope for India's presidency for the next year and also establish a personal relationship with all of her counterparts from the G-20 countries. At a time when the world is facing recession and there is large-scale inflation, the role that G-20 has in steering the global

Budget focus is to maintain growth, tame inflation: FM Nirmala Sitharaman

The minister is in Washington DC to the annual meetings of World Bank and International Monetary Fund, as well as the G-20 Finance Ministers and Central Bank Governors meetings

India macro indicators may return to FY20 levels by FY27, says IMF

Although China's debt to GDP ratio is projected to remain at 76.9 in 2022, it is projected to overtake India's ratio in 2024 at 89.8 and continue to increase further to 102.8 in 2027

India's debt ratio projected to be 84% of its GDP by end of 2022: IMF

India's debt ratio is projected to be 84 per cent of its GDP by the end of 2022, which is higher than many emerging economies, but its debt is a little bit easier to sustain, a senior IMF official has said. Stressing that it is important for India to now have a very clear medium-term objective on the fiscal, Paolo Mauro, Deputy Director, Fiscal Affairs Department, International Monetary Fund, said there's still not a whole lot of clarity on the fiscal anchor. "It would be very important to give reassurance to people and to investors that things are under control, and things are going to become less vulnerable over time," Mauro, told PTI in an interview. "In terms of the debt ratio, India right now at the end of 2022, we're projecting it at about 84 per cent of GDP. That is higher than in many emerging economies, he said. Of course, India has a lot of special features being the most populous country in the world by now and being a very large, emerging economy, he said. The other ..

India facing 'cacophony of factors' that may shake sovereign credit metrics

India is facing various factors that may shake its sovereign credit metrics but strong economic growth rate and external balance sheet are expected to neutralize the risks inherent in the global environment, S&P Global Ratings said on Wednesday. In a credit FAQ titled 'Can India Sovereign Ratings Withstand The Global Sputter', S&P said despite India's strong external balance sheet, it has not been able to escape the difficult landscape the rest of its emerging market peers have faced over the course of the year and 'more severe conditions', could apply downward pressure on India's sovereign credit ratings. S&P has the lowest investment grade rating of 'BBB-' on India with a stable outlook. "India is facing a mixture of factors that may shake its sovereign credit metrics. Amid external turbulence, its foreign exchange reserves are falling, and its current account deficit is rising. Meanwhile, the economy is battling faster inflation and tightening financial conditions both .