India to IMF: Ensure Pakistan does not divert loans to foot its defence, third-country debt bills

India to IMF: Ensure Pakistan does not divert loans to foot its defence, third-country debt bills

Krishnamurthy Subramanian. | Photo Credit: The Hindu Taking a tough stance, India has batted for “stringent monitoring” of any emergency funds provided by the International Monetary Fund (IMF) to its financially beleaguered neighbour Pakistan, stressing that such funds must not be redeployed towards defence bills or repayment of loans from other countries. India’s position was … Read more

Success of India grounded in pursuit of reforms over last years: IMF MD

Success of India grounded in pursuit of reforms over last years: IMF MD

International Monetary Fund (IMF) Managing Director Kristalina Georgieva | Photo Credit: REUTERS The economic success of India is grounded in the pursuit of reforms over the last years, Managing Director of International Monetary Fund (IMF) Kristalina Georgieva said on February 1 exuding confidence that it would achieve its goal of being a developed nation by … Read more

Govt, multilateral bank coffers don’t have trillions of dollars: World Bank chief Ajay Banga

Govt, multilateral bank coffers don’t have trillions of dollars: World Bank chief Ajay Banga

World Bank President Ajay Banga on Tuesday batted for removing barriers to private sector investment, saying it is key to tackling challenges before the global economy as neither the governments nor multilateral banks have trillions of dollars in their coffers. Speaking to World Economic Forum Founder and Executive Chairman Klaus Schwab in a podcast ahead … Read more

IMF’s second tranche finalisation to Sri Lanka in December: Central bank governor

IMF’s second tranche finalisation to Sri Lanka in December: Central bank governor

The second tranche of the USD 2.9 billion IMF bailout for cash-strapped Sri Lanka would be finalised within the next month, central bank governor Nandalal Weerasinghe said on Friday. The government is expecting around USD 330 million as the second tranche of the USD 2.9 billion 4-year bailout, following the first one that was extended … Read more

Sri Lankan President Ranil Wickremesinghe presents budget; says economy not out of crisis yet

Sri Lankan President Ranil Wickremesinghe presents budget; says economy not out of crisis yet

A woman buys vegetables at a market, on the day President Ranil Wickremesinghe, who is also the island nation’s Finance Minister, presents the annual budget in Colombo, Sri Lanka, on November 13, 2023. | Photo Credit: Reuters Sri Lankan President Ranil Wickremesinghe on November 13 presented his government’s 2024 budget, emphasising the need for tough … Read more

Finance minister Nirmala Sitharaman pitches for strong, quota-based IMF

Finance minister Nirmala Sitharaman pitches for strong, quota-based IMF

Marrakech: Finance minister Nirmala Sitharaman on Saturday pitched for a strong, quota-based and adequately resourced International Monetary Fund (IMF) and emphasised that a coordinated response of the global community will foster multilateralism. In her remarks at the IMF Board of Governors meeting here on the theme of ‘Dialogue on Policy Challenges’, Sitharaman expressed concerns about … Read more

Bankrupt Sri Lanka gets China’s tentative agreement on debt restructure

Bankrupt Sri Lanka gets China’s tentative agreement on debt restructure

Chinese Foreign Ministry spokesman Wang Wenbin. File | Photo Credit: ANI Sri Lanka on October 11 welcomed China’s tentative agreement to a debt restructure, as the island nation works to restore its ruined finances after suffering its worst-ever economic crisis. The government defaulted on its $46 billion debt last year at a time when months … Read more

IMF-FSB synthesis paper unveils crucial policy recommendations for VDA stability

IMF-FSB synthesis paper unveils crucial policy recommendations for VDA stability

India’s G20 presidency has focused on global collaboration regarding virtual digital assets. The IMF and the FSB created this paper at the request of the Indian G20 Presidency to synthesise the IMF’s and the FSB’s (together with the SSBs‘) policy suggestions and criteria. The paper offers a comprehensive set of policy and regulatory recommendations aimed … Read more

As IMF reforms kick in, inflation in Pak stays high at 27.4 per cent

As IMF reforms kick in, inflation in Pak stays high at 27.4 per cent

Pakistan‘s inflation rate remained over the target in August at 27.4 per cent as reforms outlined as requirements for an IMF loan make it more difficult to control price pressures, ARY News reported citing the official data released on Friday. After the avoidance of a sovereign debt default in July thanks to a USD 3 … Read more

Drought dents Sri Lanka’s economic hopes, farmers’ livelihood

Drought dents Sri Lanka’s economic hopes, farmers’ livelihood

H.J.M Seneviratne cuts yellow paddy stems that dried following drought, at his paddy field in Anamaduwa, Sri Lanka. | Photo Credit: Reuters H.J.M Seneviratne (63) slices through yellowed paddy stems dried out by a drought that has destroyed more than 95% of his crop and is threatening crisis-hit Sri Lanka’s summer rice harvest. The island’s … Read more