Page 15 - International Monetary Fund

IMF says China important player; cautions against moving out manufacturing

Observing that China has been a very important player in global supply chains, a top International Monetary Fund (IMF) official on Tuesday said that anything which undermines this process of efficiency and productivity will have its costs. At the end of the day, we have to think in terms of efficiency, gain and losses. China has been a very important player in global supply chains, and for good reasons, Krishna Srinivasan, IMF Director of the Asia and Pacific Department, told PTI in an interview. Srinivasan was responding to a question on the move by companies in the US and Europe to shift their manufacturing base to other countries of the world. Anytime you go for something driven by non-economic considerations, say sourcing goods from a friend-country (friend-shoring) you risk undermining efficiency. So, one has to think of this in a very objective way, Srinivasan said. At the end of the day, what do you want from this? he said. We have seen trade being an engine of growth not j

Ukraine war affected Asian economy; risk of fragmentation worrisome: IMF

The war in Ukraine has affected the Asian economy broadly in terms of trade and financial market uncertainties and inflation, a top IMF official said on Tuesday, warning that going forward the risk of fragmentation was quite serious in the Asia Pacific region. If you look at the (Ukrainian) war itself, there are multiple channels through which it has affected Asia. One, of course, is the falling external demand. Asia doesn't have many strong trade links with Russia. But Asian trade links with Europe are pretty high. To the extent that Europe is affected significantly by the war in Ukraine, it affects external demand for countries in Asia, Krishna Srinivasan, Director Asia and Pacific Department, International Monetary Fund (IMF) told PTI in an interview. The second area is on food and commodity prices, which have increased significantly since the war, he said. They had already gone up during the pandemic but had been intensified in the context of the war. That has implications for .

IMF praises RBI for tightening the monetary policy to curb inflation

The International Monetary Fund (IMF) on Tuesday praised the Reserve bank of India (RBI) for tightening the monetary policy to curb inflation in the country. The RBI has appropriately been tightening to fight inflation as the inflation is above target, and since May, if my memory serves me well, it sort of delivers 190 basis points rate hikes and we think further tightening is needed to bring inflation to its target, Garcia Pascual, Deputy Division Chief of the Monetary and Capital Markets Department of the IMF, told reporters at a news conference here. Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department of the IMF, said that monetary policy has tightened in India, similar to other emerging markets as well, where inflation has been above target. And certainly, inflation has been above the RBI's target recently, so we do expect a tightening of monetary policy going forward as well, he said in response to a question. In terms of financial .

IMF cuts India's FY23 GDP forecast to 6.8%, flags global inflation crisis

Slashes it by 60 bps; says worst yet to come for world

Current account imbalance hits India harder than EM peers, shows data

India's current account deficit is projected at 3.5 per cent for 2022, says IMF World Economic Outlook report

Results preview: Order-book booster to stay for capital goods firms

Key monitorables include tender pipeline and emerging supply-chain scenario, say analysts and players

FM Sitharaman on US visit from today; to attend IMF-WB annual meetings

Union Finance Minister Nirmala Sitharaman will arrive here on Tuesday to attend an important meeting of the International Monetary Fund and the World Bank. The finance minister during her visit will also hold a bilateral meeting with US Treasury Secretary Janet Yellen. Sitharaman upon her arrival will participate in a fireside chat on "India's Economic Prospects and Role in the World Economy" at the prestigious Brookings Institute think-tank and soon after hold a bilateral meeting with Yellen at the Department of Treasury. At an official dinner hosted by India's Ambassador to the US Taranjit Singh Sandhu, nearly 30 senior representatives of the US Administration, World Bank, IMF, and CEOs of the private sector are expected to participate. In addition to her one-on-one meeting with the IMF Managing Director Kristalina Georgieva and World Bank President David Malpass, the finance minister is scheduled to have bilateral meetings with countries like Japan, South Korea, Saudi Arabia, ..

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

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 should issue new reserves to help countries tackle crises: Civil groups

The International Monetary Fund should issue $650 billion in new emergency reserves to help its member countries grapple with overlapping crises, 140 civil society groups said in a letter

Sri Lanka begins crucial debt restructuring talks with China

Sri Lanka's president said on Thursday his government has started debt restructuring discussions with China, an important step toward finalising an International Monetary Fund rescue of the island nation from its worst economic crisis. President Ranil Wickremesinghe told Parliament on Thursday that the initial talks will continue after China's Communist Party congress meeting that begins on October 16. Wickremesinghe, who recently returned from a trip to Japan, also said the Japanese authorities agreed to mediate the talks with China. China has been supporting us from ancient times and we believe they will do the same in these difficult times, Wickremesinghe said. Sri Lanka is nearly bankrupt and has suspended repaying its USD 51 billion foreign debt, of which it must repay USD 28 billion by 2027. Sri Lanka has reached a preliminary agreement with the IMF for a USD 2.9 billion rescue package over four years. Finalisation of the rescue hinges on assurances from Sri Lanka's creditor

FM to attend World Bank-IMF annual meeting, drive investor outreach

May hold bilateral meetings with counterparts of other nations. There could also be a G-20 meeting on the sidelines, with focus on India's upcoming presidency of the multi-nation grouping

IMF tells UK to 're-evaluate' unfunded tax cuts as global criticism mounts

Prime Minister Liz Truss's decision to cut taxes by the most since the early 1970s and cover them via borrowing at a time of surging inflation has rattled financial markets and drawn concern

Fallen Rajapaksas back Wickremesinghe as Lanka's creditors seek answers

Much has changed since demonstrators drove Gotabaya Rajapaksa from office in July, the climax of months of protests after record-high inflation and depleted currency reserves bankrupted the nation

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

Global slowdown positive for India on balance, says CEA

Slowdown in West, on balance, would be positive for India: CEA Nageswaran

'Signs are very encouraging' are for the Indian economy, he says in an interview

IMF approves second review of Argentina debt relief deal worth $3.9 bn

Technical staff of the International Monetary Fund approved the second review of the organization's debt relief agreement with Argentina, paving the way for the country to access some $3.9 billion

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

Focus will also be on climate justice, green financing

Pakistan, China hail 'all-weather' friendship; IMF aid may create tensions

Pakistan and China hailed their friendship after their leaders met on the sidelines of the SCO summit but analysts warned that IMF's terms could create tension between two countries

Crisis hit-Sri Lanka to brief creditors on IMF deal for economic recovery

The Sri Lankan government will virtually brief all its external creditors on September 23 on the deal agreed with the International Monetary Fund (IMF) for the economic recovery and the next steps in the debt restructuring process. On September 1, the IMF reached a staff-level agreement to support Sri Lanka's economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about USD 2.9 billion. Sri Lanka is going through its worst economic crisis since its independence in 1948 which was triggered by a severe paucity of foreign exchange reserves. "Sri Lanka will make an online presentation to external creditors on September 23 updating them on a deal agreed with the International Monetary Fund and recent economic developments," Clifford Chance, the debt restructuring adviser, said in a statement on Saturday. The Sri Lankan Finance Ministry will update creditors on recent macro-economic developments, the objectives of the IMF package, and the next steps in th