Page 16 - International Monetary Fund

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

Zambia moves away from Chinese investments; receives IMF loan: Reports

Zambia which is known as a country under "debt distress" from China has finally received a $1.3 billion financial loan from the International Monetary Fund, media reports said

Sri Lanka's GDP likely plunged amid debt crisis, political turmoil

Gross domestic product probably fell 10% in the three months to June from a year ago, according to a Bloomberg survey of economists as of Wednesday

IMF looks at ways to help countries affected by global food shock

About 50 nations meet the criteria, with 20 to 30 being in need "immediately," Georgieva said

Lazard in talks with China, India, Japan on restructuring Sri Lanka's debt

The three countries hold about $13 billion of Sri Lanka's debt, while China is Sri Lanka's largest bilateral creditor

Bailout euphoria by IMF signals peak of pessimism in emerging markets

The IMF has been sewing up or inching toward loan agreements with some of the most vulnerable nations -- namely Pakistan, Sri Lanka, Zambia, Egypt and Chile -- after months of negotiations

IMF has to play key role for stability of global monetary system: Murmu

Top IMF official Kristalina Georgieva on Friday called on President Droupadi Murmu who said that the organisation has to play an important role in maintaining the stability of the global monetary system. Welcoming the International Monetary Fund's Managing Director to Rashtrapati Bhavan, the President said the world is passing through the third year of the COVID pandemic, and its ravages have been allayed in part by significant assistance given to many low-income countries by the IMF and the World Bank. According to a Rashtrapati Bhavan statement, Murmu said the IMF has to play an important role in maintaining the stability of the international monetary system. The President said India is one of the fastest growing major economies of the world and India's start-up ecosystem ranks high in the world. "The success of start-ups in our country, especially the growing number of Unicorns, is a shining example of our industrial progress. What is even more gratifying is that the development

Fitch warns of high risk Sri Lanka may default on local currency bonds

Fitch Ratings's 'CCC' rating on long-term local currency debt that was affirmed in May "reflects a high risk that local-currency debt will be included in debt restructuring

Sheikh Hasina likely to seek India's economic support during 4-day visit

Bangladesh's growth story runs into global economic instability, expensive fuel and slowdown in textile orders

'Must provide jobs to those not well-educated to go beyond freebies'

Harvard Business School professor Christian Ketels says it isn't useful to think of manufacturing versus services jobs; a range of sectors need to be mobilised for job creation