Page 4 - International Monetary Fund

IMF asks Indian banks to adopt global norms for credit risk management

UN financial agency report released by RBI calls for enhanced supervision of individual loans

No talks on new Senegal programme until misreporting addressed: IMF

In an interview with Reuters in Dakar on Monday, IMF mission chief Edward Gemayel said "everything is possible" but did not commit to that timeline

IMF expresses satisfaction with Pakistan's economic measures, use of loan

An IMF mission after a key visit to Pakistan acknowledged that the country achieved a strong implementation of the USD 7 billion loan programme agreed upon last year, it emerged on Saturday. The International Monetary Fund (IMF) delegation led by Nathan Porter visited Islamabad and Karachi from February 24 to March 14 to undertake the First Review for the 37-month extended arrangement under the Extended Fund Facility (EFF) and on discussions for an arrangement of a fresh loan under the Resilience and Sustainability Facility (RSF). The team held discussions on the first review of Pakistan's economic programme supported by the EFF and on a possible new arrangement under the RSF, according a statement issued by Nathan Porter at the conclusion of the visit on Friday. He said that the IMF and the Pakistani authorities made significant progress toward reaching a Staff Level Agreement (SLA) on the first review of the EFF. Programme implementation has been strong, and the discussions have

In address to congress, Argentine President Milei promises IMF deal

Argentina's libertarian president Javier Milei signalled late Saturday that a new deal with the International Monetary Fund was imminent, as he used his annual address to congress to project an optimistic picture of his economic overhaul following a divisive first year in office and recent swirl of controversies. In a speech that played to the sentiments of his right-wing base but included little in the way of new policy, Milei promised the crisis-stricken nation that, in the coming days, he would ask congress to support the government in this new agreement with the International Monetary Fund" even as it seemed Argentina had yet to close the deal. Revisiting the economic themes of his 2023 presidential campaign ahead of crucial midterm elections in October, Milei declared: We went from talking about hyperinflation to talking about long-term stability. He cited his standard refrain about the government's success in dragging down the monthly inflation rate from a peak of 26 per cent

Sri Lanka gets fourth tranche of $334 million bailout package from IMF

The IMF has agreed to release the fourth tranche of USD 334 million from its USD 2.9 billion bailout package to Sri Lanka to strengthen the island nation's recovery from its 2022 bankruptcy. The release of the fourth tranche was approved on Friday after the Executive Board of the International Monetary Fund (IMF) completed the third review under the 48-month Extended Fund Facility (EFF) Arrangement to Sri Lanka. The global lender said it would release about USD 334 million to the crisis-hit nation, bringing total funding to around USD 1.3 billion. The IMF said Sri Lanka has performed strongly under the programme. "All quantitative targets for end-December 2024 were met, except the indicative target on social spending. Most structural benchmarks due by end-January 2025 were either met or implemented with delay. The recent successful completion of the bond exchange is a major milestone towards restoring debt sustainability," the IMF said in a statement. "Reform efforts are bearing f

Countries need to put public debt on sustainable path: IMF MD at G20 meet

Most countries need to put public debt on a sustainable path and rebuild fiscal buffers, International Monetary Fund (IMF) Managing Director Kristalina Georgieva told economic leaders from the G20 countries. Georgieva was addressign the first meeting of the G20 Finance Ministers and Central Bank Governors in Cape Town on Thursday. The meeting was hosted by South Africa, which holds the G20 Presidency for 2025. On the fiscal side, most countries need to put public debt on a sustainable path and rebuild fiscal buffers, Georgieva said. While mobilising more domestic revenues is crucial in many countries, it is equally important to promote more efficient public spending. The two go hand-in-hand to ensure that countries have the fiscal space to meet future shocks and provide the basis for higher future growth, she added. Georgieva said it was critical that countries embrace ambitious reforms to lift productivity and enhance growth prospects. The specific priorities will vary from coun

Pakistan sees economy on long-term recovery path under new IMF programme

The comments came from Pak PM Sharif in his meeting with Kristalina Georgieva on the sidelines of the World Government Summit (WGS) 2025 in Dubai

IMF mission to inspect regulatory, judicial system in country: Pak govt

The International Monetary Fund (IMF) is scrutinising the judicial and regulatory system of Pakistan as part of the ongoing USD 7 billion Extended Fund Facility (EFF) to address governance and corruption vulnerabilities, the government has said. The Ministry of Finance said on Sunday that an IMF technical mission is in town for a week-long examination of six key governance-related sectors and institutions. Dawn News reported that Pakistan committed to strengthening institutional capacities with the IMF in October to fight corruption, support inclusive growth, and provide a level playing field for businesses and investments. As a result, the ministry said a structural benchmark had been set to publish a report on the Governance and Corruption Diagnostic Assessment (GCDA) by July 2025, which will analyse critical governance and corruption vulnerabilities and identify priority structural reforms moving forward. Sources said the mission would also engage with leading members of the ...

Sri Lanka's fourth IMF tranche of $3 bn to be released soon: Officials

Sri Lanka's fourth tranche of nearly USD 3 billion bailout facility by IMF will be materialised in the coming months, a top official of the world body has said. The National People's Power (NPP) government has already reached a staff-level agreement with the IMF on the third review of the USD 3 billion extended arrangement under the EFF in November. On Thursday, Julie Kozack, IMF spokesperson, said in Washington that the USD 333 million fourth tranche is expected to be released in the coming months after the IMF executive board approves it. She said the review would focus on the full implementation of prior action under the programme. Since the IMF and Sri Lanka entered the bailout in March 2022, three tranches of over USD 330 million have been disbursed. On Thursday, in Colombo President Anura Kumara Dissanayake met the IMF officials to discuss Dissanayake's first full government budget for 2025. The President's Media Division (PMD) said a comprehensive discussion regarding the

Indian economy likely to remain 'a little weaker' in 2025: IMF MD

The Indian economy is expected to be "a little weaker" in 2025 despite steady global growth, IMF Managing Director Kristalina Georgieva has said. Georgieva also said she expects quite a lot of uncertainty in the world this year mainly around the trade policy of the US. In her annual media roundtable with a group of reporters on Friday, she said global growth is expected to be steady in 2025, but with regional divergence. Georgieva said she expects the Indian economy to be a little weaker in 2025. However, she did not explain it any further. The World Economy Outlook update week will have more details about it. The US is doing quite a bit better than we expected before, the EU is somewhat stalling, (and) India a little weaker," she said. Brazil was facing somewhat higher inflation, she said. In China, the world's second-largest economy, the International Monetary Fund (IMF) was seeing deflationary pressure and ongoing challenges with domestic demand, she said. "Low-income countri

IMF chief forecasts steady world growth in 2025, continuing disinflation

With inflation moving closer to US Federal Reserve's target, and data showing a stable labor market, the Fed could afford to wait for more data before undertaking further interest rate cuts, she said

India's growth offers great opportunities to US investors: KV Subramanian

Of the belief that India is headed to be a USD 55 trillion economy by 2047, India's Executive Director at the IMF Dr K V Subramanian on Thursday said India's growth offers phenomenal opportunities to American investors. Subramanian said this during the launch of his latest book India@100: Envisioning Tomorrow's Economic Powerhouse. The opportunities that are available for the American investors actually are phenomenal., I don't think there is any other economy that is actually going to be providing this kind of return over the next 20 to 25 years, he said at the launch event organised by US India Strategic and Partnership Forum (USISPF) here. Investors who have an eye on India have the opportunity to actually not double but triple their money, the top economist said. They have the opportunity to grow their money 15 to 20 times, I think that is something that is important, said Subramanian, who previously was India's Chief Economic Advisor. In his book, Subramanian explores how In

Pak ministries at odds over IMF condition on gas supply cut to industries

Pakistan's finance and energy ministries are at loggerheads over meeting a key IMF condition to reduce gas supplies to industrial power plants by January, highlighting shortcomings in the negotiation of the USD 7 billion agreement. During a recent meeting at the prime minister's house, the Petroleum Division, a part of the energy ministry, claimed that the finance ministry accepted the condition despite its reservations at the time of the programme negotiations, The Express Tribune newspaper reported on Saturday. The division further claimed that abrupt disconnection may cause a Rs 427-billion loss to the government and the industries. However, the finance ministry insisted that the Petroleum Division was fully on board at the time of the negotiations with the International Monetary Fund (IMF) and was now changing its position. The development comes amid the energy ministry's assessment that the complete shifting of industries from gas to electricity would require about two ...

Cross-border challenges widen wealth gap between Europe, US: IMF study

If trade barriers between EU countries were lowered to the level that existed between US states, it would boost European productivity by seven percentage points

Taiwan wants to join IMF in bid to receive financial protection from China

Taiwan, a major economy the size of Poland but absent from global organisations, is making a longshot push to join the International Monetary Fund, the 190-country organisation that offers members emergency loans and other financial assistance. Taiwan's membership at the IMF would help boost financial resilience, the Taipei Economic and Cultural Representative Office in Washington said during this week's IMF and World Bank annual meetings. The office serves as Taiwan's de facto embassy in the US. The push is part of a wider effort to boost the self-governed island's global status. Taiwan also is seeking to participate in the UN World Health Organisation's annual World Health Assembly and join Interpol. The US and its allies are Taiwan's supporters. But China, which sees Taiwan as a breakaway province and threatens to annex it by force, has blocked such efforts and insists it represent Taiwan in international forums. The island is now designated as Taiwan Province of China in IMF ...

IMF chief warns of global risk of slow growth, urges China to push reforms

The world economy, buffeted by conflict and growing geopolitical rivalries, is in danger of getting stuck in a slow-growth, high-debt rut, the head of the International Monetary Fund warned on Thursday. She also urged Chinese leaders to take more decisive action to jump-start their country's sluggish economy or risk seeing economic growth plummet. These are anxious times,' the fund's managing director, Kristalina Georgieva, told reporters during the fall meetings of the IMF and its sister agency, the World Bank. The IMF forecasts that the global economy will expand this year at what Georgieva called an anemic' 3.2 per cent. Global trade is lackluster at a time of conflict and growing geopolitical tension including frosty relations the world's two largest economies, the United States and China. Trade is no more a powerful engine of growth,' she said. "We live in a more fragmented global economy.' At the same time, many countries are struggling with debts they took on to combat the

India wants to enhance its influence over other countries: FM Sitharaman

While participating in discussion on 'Bretton Woods Institutions at 80: Priorities for Next Decade', FM stated that no country, whether US which is far or China which is very close cannot ignore India

IMF should introspect, ensure they don't have mission drift: Sitharaman

'Expectations pinned on multilateral institutions are being frittered away because no solutions are coming out of them'

India largest growing economy: IMF lists 3 focus areas for growth reforms

IMF Asia Pacific Department Director Krishna Srinivasan suggested that India's reform priorities should be in three areas: Jobs, existing trade barriers, and infrastructure sector

India remains world's largest growing economy with good fundamentals: IMF

India remains the largest growing economy in the world, a senior official from the International Monetary Fund said, observing that the country's macroeconomic fundamentals are good. "India is said to remain the largest growing economy in the world. We project growth at seven per cent in FY24-25, supported by recovery in rural consumption, as there have been favourable harvests. Inflation is expected to decline to 4.4 per cent in FY24-25, despite some volatility as food prices normalize," Krishna Srinivasan, Director for the IMF Asia Pacific Department, told PTI in an interview on Tuesday. In terms of other fundamentals, he said, "despite elections, the fiscal consolidation remains on track. Reserve position is pretty good. Macro fundamentals, generally speaking, for India are good". He suggested that the country's reform priorities post-elections need to be in three areas. "One is, there's an issue about creating jobs in India and so on. In that context, I think implementing the .