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Pakistan is now looking for a more substantial IMF loan over a longer duration spanning at least three years to bolster macroeconomic stability and implement much-needed structural reforms

IMF approves $1.1 billion as bailout package for crisis-hit Pakistan

<h2>Pakistan is now looking for a more substantial IMF loan over a longer duration spanning at least three years to bolster macroeconomic stability and implement much-needed structural reforms</h2>

The International Monetary Fund has approved an immediate disbursal of&nbsp; $1.1 billion loan tranche for Pakistan, the agency said in a statement. This concludes the second bailout package for the crisis-hit nation.
This funding is also the third and last installment of a $3 billion standby arrangement made with the IMF. The loan from IMF is crucial for Pakistan to stave off a sovereign default and comes at a time when the existing arrangement is set to expire this month.
&ldquo;To move Pakistan from stabilization to a strong and sustainable recovery the authorities need to continue their policy and reform efforts, including strict adherence to fiscal targets while protecting the vulnerable; a market-determined exchange rate to absorb external shocks; and broadening of structural reforms to support stronger and more inclusive growth,&rdquo; IMF said in a statement.
<h3>IMF loan to Pakistan</h3>
The IMF Executive Board approved Pakistan's request for the release of funds following discussions in Washington.&nbsp;
Pakistan and IMF reached a staff-level agreement on the final review of the $3 billion bailout package last month. Two tranches are already released with $1.2 billion disbursed in July and an additional $700 million in January 2024.
Meanwhile, as per ANI Pakistan is now looking for a more substantial IMF loan over a longer duration. Finance Minister Muhammad Aurangzeb has indicated that Islamabad could secure a staff-level agreement on the new program as early as July.
To bolster macroeconomic stability and implement much-needed structural reforms, Pakistan is focussing on securing a loan spanning at least three years. This comes a day after Pakistan Prime Minister Shehbaz Sharif met with IMF Managing Director Kristalina Georgieva in which he reportedly emphasised &nbsp;his administration's dedication to implementing structural reforms, ensuring fiscal discipline, and pursuing prudent policies for sustained economic growth.
Also Watch: <a href="https://www.editorji.com/business-news/economy/pakistan-economic-crisis-support-from-imf-set-to-continue-1700216893874">Pakistan Economic Crisis: Support from IMF set to continue</a>

Subramanian, at a event in New Delhi on March 28, had said Indian economy could grow at 8 per cent till 2047

IMF denies endorsing India's 8% growth projection 

<h2>Subramanian, at a event in New Delhi on March 28, had said Indian economy could grow at 8 per cent till 2047</h2>

The recent remarks of Krishnamurthy Subramanian, Executive Director at the International Monetary Fund, about India's growth figures does not represent the views of the IMF and were in his role as India's representative at the global body, the IMF has said.
"The views conveyed ...by Mr. Subramanian were in his role as India's representative at the IMF," Julie Kozack, IMF spokesperson, told reporters here on Thursday.
She was responding to a question on recent remarks by Subramanian, in which he projected a growth rate of 8 per cent for India, which is different from the last growth rate projections by the IMF.
Subramanian, at a event in New Delhi on March 28, had said Indian economy could grow at 8 per cent till 2047, if the country redoubles the good policies that it has implemented over the last 10 years and accelerate reforms.
"So, the basic idea is that with the kind of growth that India has registered in the last 10 years, if we can redouble the good policies that we have implemented over the last 10 years and accelerate the reforms, then India can grow at 8 per cent from here on till 2047," he had said.
The IMF spokesperson clarified, "We do have an Executive Board. That Executive Board is made up of executive directors who are representatives of countries or groups of countries, and they make up the Executive Board of the IMF. And that's distinct, of course, from the work of the IMF staff." The IMF would be updating its World Economic Outlook in the next couple of weeks. "But our growth projections as of January were for medium term growth of 6.5 per cent, and that was a slight upward revision relative to October. Again, we will be presenting the latest forecast in just a couple of weeks," Kozack said.

The International Monetary Fund forecasts robust growth for India, projecting a consistent rate of 6.5% for both 2024 and 2025. The report also indicates a global growth rate of 3.1% in 2024, followed by a slight uptick to 3.2% in 2025.

International Monetary Fund has raised India's GDP growth forecast for 2024-25 to 6.5%

The International Monetary Fund forecasts robust growth for India, projecting a consistent rate of 6.5% for both 2024 and 2025. The report also indicates a global growth rate of 3.1% in 2024, followed by a slight uptick to 3.2% in 2025.

Growth in India is projected to remain strong at 6.5 per cent in both 2024 and 2025, the International Monetary Fund said on Tuesday in its latest World Economic Outlook update.
The report pegged global growth at 3.1 per cent in 2024 and 3.2 per cent in 2025.
Growth in China is projected at 4.6 per cent in 2024 and 4.1 per cent in 2025, with an upward revision of 0.4 percentage points for 2024 since the October 2023 World Economic Outlook, the IMF said, adding that in the US, growth is likely to fall from 2.5 per cent in 2023 to 2.1 per cent in 2024 and 1.7 per cent in 2025.
"Growth in India is projected to remain strong at 6.5 per cent in both 2024 and 2025, with an upgrade from October of 0.2 percentage point for both years, reflecting resilience in domestic demand," the IMF said in its latest report that was released in South Africa.
The IMF report reflects that India remains the fastest-growing country among emerging economies.
"The clouds are beginning to part. The global economy begins the final descent toward a soft landing, with inflation declining steadily and growth holding up. But the pace of expansion remains slow, and turbulence may lie ahead," Pierre-Olivier Gourinchas, Chief IMF Economist said in a blog post.
The IMF, he said, expects slower growth in the US, where tight monetary policy is still working through the economy, and in China, where weaker consumption and investment continue to weigh on activity.
In the euro area, meanwhile, activity is expected to rebound slightly after a challenging 2023, when high energy prices and tight monetary policy restricted demand.
"Many other economies continue to show great resilience, with growth accelerating in Brazil, India, and Southeast Asia's major economies," Gourinchas said.
The IMF said global headline inflation is expected to fall from an estimated 6.8 per cent in 2023 (annual average) to 5.8 per cent in 2024 and 4.4 per cent in 2025.
The global forecast is unrevised for 2024 compared to October 2023 projections and revised down by 0.2 percentage points for 2025.
Advanced economies are expected to see faster disinflation, with inflation falling by 2.0 percentage points in 2024 to 2.6 per cent. In emerging markets and developing economies, inflation is projected to decline by just 0.3 percentage points to 8.1 per cent.
Policymakers' near-term challenge is to successfully manage the final descent of inflation to target, calibrating monetary policy in response to underlying inflation dynamics and 'where wage and price pressures are clearly dissipating', adjusting to a less restrictive stance.
"At the same time, in many cases, with inflation declining and economies better able to absorb effects of fiscal tightening, a renewed focus on fiscal consolidation to rebuild budgetary capacity to deal with future shocks, raise revenue for new spending priorities, and curb the rise of public debt is needed.
"Targeted and carefully sequenced structural reforms would reinforce productivity growth and debt sustainability and accelerate convergence toward higher income levels. More efficient multilateral coordination is needed for, among other things, debt resolution, to avoid debt distress, and create space for necessary investments, as well as to mitigate the effects of climate change," the report said.&nbsp;

India is on track to be one of the fastest-growing major economies in the world this year: IMF

India star performer, contributes over 16% to global growth: IMF 

<h2>India has a very large and young and growing population and thus has the potential to grow at stronger rates if this potential is harnessed through structural reforms</h2>

The International Monetary Fund (IMF) highlighted India's substantial growth driven by economic reforms, particularly in digitalization and infrastructure sectors. India is anticipated to contribute over 16 percent of global growth, showcasing robust performance and solid macroeconomic policies, according to Nada Choueiri, representing India at the IMF.
Despite this growth, global challenges like a slowdown in worldwide growth and increasing fragmentation pose headwinds to India's economy. However, India's focus on infrastructure investment and logistics development sets a sturdy foundation for growth.
With a large and youthful population, India holds significant potential for stronger growth through structural reforms. Initiatives like digitalization have positioned India for increased productivity and future growth.
The IMF's annual report emphasizes the importance of policy priorities such as fortifying fiscal reserves, ensuring price stability, maintaining financial stability, and propelling inclusive growth through comprehensive structural reforms while managing debt sustainability.
India's economy has rebounded post-pandemic, displaying resilience and surpassing pre-pandemic employment levels. The informal sector still dominates, but formalization is progressing.
The IMF report underscores India's potential for higher growth if comprehensive reforms are implemented, especially leveraging its digital infrastructure for innovation, competition, financial inclusion, and public sector efficiency.
GDP growth reached 7.2 percent in fiscal 2022/23, supported by strong consumption and investment. Service exports surged due to global outsourcing, further boosting growth.
Political stability is highlighted as crucial for investment and growth, although no specific quantitative analysis has been conducted. The transparent and stable policy environment is essential for businesses to thrive, urging simplification of procedures and reduction of bureaucracy.
Labour reform is suggested by the IMF to maximize India's demographic advantage through better education, skill development, and increased female labor force participation.
India's inflation dynamics have differed from other countries, and the external environment poses challenges. Risks from global fragmentation and climate change impact need careful management despite India's potential and current positive trajectory.

Remarks came a day after the Pak government and the IMF concluded a review of the ongoing USD 3 billion stand-by agreement with a staff-level agreement, opening the way for Pak to get USD 700 mn in the second tranche

Pakistan Economic Crisis: Support from IMF set to continue

Pakistan's economy remains unstable, support from IMF to continue

<h2>The Pak government and the IMF concluded a review of the ongoing USD 3 billion stand-by agreement with a staff-level agreement, opening the way for Pak to get USD 700 mn in the second tranche</h2>

Pakistan's caretaker Finance Minister, Shamshad Akhtar, has stated that despite some improvements, the country's economy remains fragile. She emphasized the need for strong financial reforms to bolster the economy and mentioned that additional IMF loans are necessary in the near term. Akhtar highlighted the importance of another International Monetary Fund (IMF) program, stating that it is crucial until the country can boost exports and domestic resources.
Following the conclusion of a review of the ongoing USD 3 billion stand-by agreement with the IMF, a staff-level agreement has opened the way for Pakistan to receive USD 700 million in the second tranche. Akhtar stressed the necessity of undertaking long-standing reforms, stating that the country cannot survive without them. While acknowledging the potential need for another Extended Fund Facility (EFF), she cautioned that it might be premature to discuss it.
Akhtar's immediate priority is to work on the last USD 1.1 billion tranche under the current facility to ensure a smooth transition for the new government. She outlined key aspects of the IMF agreement, including the government's commitment to regular tariff adjustments, controlling costs, privatizing the management of electricity and gas sectors, and institutionalizing campaigns against power and gas theft.
Addressing concerns about the external financing gap, Akhtar expressed confidence in achieving the tax collection target. She affirmed the government's commitment to fiscal consolidation for macroeconomic stability and balanced growth.

According to the report, global growth is projected to fall from an estimated 3.5 per cent in 2022 to 3 per cent in both 2023 and 2024

IMF projects Indian economy to grow at 6.1% in 2023 

According to the report, global growth is projected to fall from an estimated 3.5 per cent in 2022 to 3 per cent in both 2023 and 2024

The IMF on Tuesday projected a growth rate of 6.1 per cent for India in 2023, which is a 0.2 percentage point upward revision compared with the April projection.
This is reflective of the &ldquo;momentum&rdquo; from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment, the International Monetary Fund (IMF) said.
&ldquo;Growth in India is projected at 6.1 per cent in 2023, a 0.2 percentage point upward revision compared with the April projection,&rdquo; it said in its latest update of the World Economic Outlook. Also read/watch| <a href="https://www.editorji.com/business-news/tomato-prices-now-you-can-buy-tomatoes-from-ondc-at-cheaper-prices-1690289714690">Tomato prices: Now, you can buy tomatoes from ONDC at cheaper prices</a> &nbsp;
IMF Global projection&nbsp;
According to the report, global growth is projected to fall from an estimated 3.5 per cent in 2022 to 3 per cent in both 2023 and 2024.
While the forecast for 2023 is modestly higher than predicted in the April 2023 World Economic Outlook (WEO), it remains weak by historical standards.
The rise in central bank policy rates to fight inflation continues to weigh on economic activity. Global headline inflation is expected to fall from 8.7 per cent in 2022 to 6.8 per cent in 2023 and 5.2 per cent in 2024, it said.
Underlying (core) inflation is projected to decline more gradually, and forecasts for inflation in 2024 have been revised upward, it said.
The IMF said the recent resolution of the US debt ceiling standoff and, earlier this year, strong action by authorities to contain turbulence in the US and Swiss banking, reduced the immediate risks of financial sector turmoil.
This moderated adverse risks to the outlook, it said.
However, the balance of risks to global growth remains tilted to the downside.
Inflation could remain high and even rise if further shocks occur, including those from an intensification of the war in Ukraine and extreme weather-related events, triggering more restrictive monetary policy, the report said.
Financial sector turbulence could resume as markets adjust to further policy tightening by central banks. China&rsquo;s recovery could slow, in part as a result of unresolved real estate problems, with negative cross-border spillovers, it said.
&ldquo;Sovereign debt distress could spread to a wider group of economies. On the upside, inflation could fall faster than expected, reducing the need for tight monetary policy, and domestic demand could again prove more resilient,&rdquo; said the WEO report.
The IMF said central banks in economies with elevated and persistent core inflation should continue to clearly signal their commitment to reducing inflation.
A restrictive stance &mdash; with real rates above neutral &mdash; is needed until there are clear signs that underlying inflation is cooling.
&ldquo;With fiscal deficits and government debt above pre-pandemic levels, credible medium-term fiscal consolidation is in many cases needed to restore budgetary room for manoeuvre and ensure debt sustainability,&rdquo; the IMF said.

On the back of China's reopening, IMF has increased Asia's growth forecast to 4.6% for the year 2023. IMF notes, India and China to be key drivers of Asia's growth

Asia to grow at 4.6% in 2023; India & China to lead the expansion: IMF

On the back of China's reopening, IMF has increased Asia's growth forecast to 4.6% for the year 2023. IMF notes, India and China to be key drivers of Asia's growth

The International Monetary Fund raised Asia's growth forecast to 4.6% for the year 2023 from 3.8% increase in 2022. The forecast for 2023 is a 0.3% raise from its October prediction of 4.3%.&nbsp;
The increase in forecast comes on the back of China's reopening. "The main development has been the reopening of China, where surging consumption is boosting growth across the region despite weaker demand from the rest of the world," said IMF.
In its Regional economic outlook-Asia and Pacific report, IMF said that Asia would contribute around 70% of global growth. "Asia and Pacific will be the most dynamic of the world's major regions in 2023, predominantly driven by the buoyant outlook for China and India," the IMF report said.&nbsp;
IMF has predicted an expansion of 5.9% for India and 5.2% for China. However, IMF has warned of risks from high inflation and global market volatility driven by banking-sector crises in the U.S. and Europe. The agency has also decreased Asia's growth forecast by 0.2% to 4.4% for next year.

IMF has lowered the forecast for Pakistan’s economic growth rate from 2% to just 0.5% for the current fiscal year

IMF slashes Pak's growth rate to 0.5% for FY23

IMF has lowered the forecast for Pakistan’s economic growth rate from 2% to just 0.5% for the current fiscal year, amid high inflation and a growing unemployment rate in the cash-strapped country

IMF has lowered the forecast for Pakistan&rsquo;s economic growth rate from 2% to just 0.5% for the current fiscal year

The IMF has lowered its forecast for Pakistan&rsquo;s economic growth rate from 2% to just 0.5% for the current fiscal year, amid high inflation and a growing unemployment rate in the cash-strapped country.
This showed an unambiguous deterioration of economic fundamentals over the last six months since October when the IMF forecast the country&rsquo;s gross domestic product to grow by 3.5% against 6% for 2022 and inflation at 20% against 12.1%.
The revision in Pakistan&rsquo;s growth prospects is in line with similar 0.4% and 0.6% projected last week by the World Bank and the Asian Development Bank, respectively. They also projected inflation at 29.5% and 27.5% respectively for the current year, the Dawn newspaper reported on Wednesday.
In its flagship World Economic Outlook (WEO), the IMF has also estimated the unemployment rate in Pakistan to rise to 7% against 6.2% last year.
For fiscal 2024, however, the IMF expected the economic growth to improve to 3.5%, inflation to stay elevated at 22% and the unemployment rate to slightly decline to 6.8%.
At the cost of loss of growth, elevated inflation and higher unemployment, the current account deficit, according to the WEO, would decline to 2.3% of GDP during this fiscal year from 4.6% a year ago and slightly go up to 2.4% next year.
The IMF&rsquo;s current account deficit forecast is 20 basis points lower than its earlier estimate of 2.5%, which had been one of the key bones of contention between the Pakistan authorities and the IMF mission in reaching a staff-level agreement.
In the latest outlook, the IMF has also slightly lowered its baseline forecast for global economic output from 3.4% in 2022 to 2.8% this year.
It said the tentative signs in early 2023 that the world economy could achieve a soft landing &mdash; with inflation coming down and growth steady &mdash; had receded amid stubbornly high inflation and recent financial sector turmoil.
Although inflation has declined as central banks have raised interest rates and food and energy prices have come down, underlying price pressures are proving sticky, with labour markets tight in several economies, the report said.

IMF cuts India's FY24 growth forecast to 5.9%

We now project that growth in FY 2023-24 will be 5.9 per cent, only slightly lower than our previous projection of 6.1 per cent in the January WEO, on the back of an expected slowdown in consumption growth, Deputy Director for Asia, IMF said

IMF on Tuesday cut India's GDP growth forecast for the financial year 2023-24 by 20 basis points to 5.9 percent.
The latest forecast is lower than the RBI's projection of 6.4 per cent.
But, India will continue to be the fastest-growing economy in the world.
"The Indian economy continues to perform well and remains the fastest growing Asian economy, and one of the fastest growing in the world," Anne-Marie Gulde-Wolf, Deputy Director for Asia and Pacific Department, IMF, told PTI in an interview.
"However, we have revised our projections to incorporate recent data, which were released earlier this year. Based on this information, we now project that growth in FY 2023-24 will be 5.9 per cent, only slightly lower than our previous projection of 6.1 per cent in the January WEO, on the back of an expected slowdown in consumption growth," she said.

According to the head of the International Monetary Fund, the global economy is predicted to grow by less than 3% this year, down from 3.4% last year, which will increase the risk of hunger and poverty around the world

IMF head expects less than 3% global economic growth in 2023

According to the head of the International Monetary Fund, the global economy is predicted to grow by less than 3% this year, down from 3.4% last year, which will increase the risk of hunger and poverty around the world

The International Monetary Fund chief said Thursday the world economy is expected to grow less than 3% this year, down from 3.4% last year, increasing the risk of hunger and poverty globally.
Kristalina Georgieva said the period of slower economic activity will be prolonged, with the next five years of growth remaining around 3%, calling it &ldquo;our lowest medium-term growth forecast since 1990, and well below the average of 3.8% from the past two decades.&rdquo; Georgieva said slower growth would be a &ldquo;severe blow," making it even harder for low-income nations to catch up.
"Poverty and hunger could further increase, a dangerous trend that was started by the COVID crisis,&rdquo; she said.
Georgieva's comments at a Politico event at the Meridian International Centre come ahead of next week's spring meetings of the IMF and its sister lending agency, the World Bank, in Washington, where policymakers will convene to discuss the global economy's most pressing issues.
The annual gathering will take place as central banks around the world continue to raise interest rates to tame persistent inflation and as an ongoing debt crisis in emerging economies pushes debt burdens higher, preventing nations from developing.
Roughly 15% of low-income countries are already in debt distress, and another 45% face high debt vulnerabilities, according to the IMF.
Georgieva said high-interest rates, a series of bank failures in the U.S. and Europe, and deepening geopolitical divisions are threatening global financial stability.
Given the economic projections, non-governmental organisations are calling for the IMF to allocate more funds to low-income countries through Special Drawing Rights, which are an IMF international reserve asset that can be exchanged for hard currency.
More than 50 NGOs, labour unions and civil organisations sent a letter to the U.S. Treasury Department and the White House on Thursday calling for the U.S. representative at the IMF to support a new allocation of Special Drawing Rights for use by low-income countries.
Center for Economic and Policy Research co-director Mark Weisbrot said the funds could be used for food and medicine and to help countries &ldquo;avoid destructive economic crises." President Joe Biden's budget proposal requests $2.3 billion for contributions to multilateral development banks, including the IMF. Republicans have yet put forth their own budget plan before negotiations start with the Democratic president.
Georgieva said that countries have thus far been &ldquo;resilient climbers&rdquo; out of the coronavirus pandemic, which has killed almost 6.9 million people globally, according to the World Health Organisation, and has disrupted global supply chains and exacerbated worldwide food insecurity.
Based on her report, countries see stark differences in the possibility of recession risks. &ldquo;Asia especially is a bright spot,&rdquo; she said, as India and China are expected to account for half of global growth in 2023.
Advanced economies face the challenge of high inflation, as 90% of them are projected to see a decline in their growth rate this year.
This all comes as the United States, the European Union and others are rethinking their trade relationships with China.
Tensions with China accelerated after Russia's invasion of Ukraine in February 2022, with Chinese President Xi Jinping pledging a friendship without limits to Russian President Vladimir Putin.
Georgieva warned in her speech: &ldquo;But the path ahead &mdash; and especially the path back to robust growth &mdash; is rough and foggy, and the ropes that hold us together may be weaker now than they were just a few years ago.&rdquo; &ldquo;Now is not the time to be complacent,&rdquo; she said.
&ldquo;We are in a more shock-prone world, and we have to be ready for it.
.
Kristalina Georgieva said the period of slower economic activity will be prolonged, with the next five years of growth remaining around 3%, calling it &ldquo;our lowest medium-term growth forecast since 1990, and well below the average of 3.8% from the past two decades.&rdquo; Georgieva said slower growth would be a &ldquo;severe blow," making it even harder for low-income nations to catch up.
"Poverty and hunger could further increase, a dangerous trend that was started by the COVID crisis,&rdquo; she said.
Georgieva's comments at a Politico event at the Meridian International Centre come ahead of next week's spring meetings of the IMF and its sister lending agency, the World Bank, in Washington, where policymakers will convene to discuss the global economy's most pressing issues.
The annual gathering will take place as central banks around the world continue to raise interest rates to tame persistent inflation and as an ongoing debt crisis in emerging economies pushes debt burdens higher, preventing nations from developing.
Roughly 15% of low-income countries are already in debt distress, and another 45% face high debt vulnerabilities, according to the IMF.
Georgieva said high-interest rates, a series of bank failures in the U.S. and Europe, and deepening geopolitical divisions are threatening global financial stability.
Given the economic projections, non-governmental organisations are calling for the IMF to allocate more funds to low-income countries through Special Drawing Rights, which are an IMF international reserve asset that can be exchanged for hard currency.
More than 50 NGOs, labour unions and civil organisations sent a letter to the U.S. Treasury Department and the White House on Thursday calling for the U.S. representative at the IMF to support a new allocation of Special Drawing Rights for use by low-income countries.
Center for Economic and Policy Research co-director Mark Weisbrot said the funds could be used for food and medicine and to help countries &ldquo;avoid destructive economic crises." President Joe Biden's budget proposal requests $2.3 billion for contributions to multilateral development banks, including the IMF. Republicans have yet to put forth their own budget plan before negotiations start with the Democratic president.
Georgieva said that countries have thus far been &ldquo;resilient climbers&rdquo; out of the coronavirus pandemic, which has killed almost 6.9 million people globally, according to the World Health Organisation, and has disrupted global supply chains and exacerbated worldwide food insecurity.
Based on her report, countries see stark differences in the possibility of recession risks. &ldquo;Asia especially is a bright spot,&rdquo; she said, as India and China are expected to account for half of the global growth in 2023.
Advanced economies face the challenge of high inflation, as 90% of them are projected to see a decline in their growth rate this year.
This all comes as the United States, the European Union and others are rethinking their trade relationships with China.
Tensions with China accelerated after Russia's invasion of Ukraine in February 2022, with Chinese President Xi Jinping pledging a friendship without limits to Russian President Vladimir Putin.
Georgieva warned in her speech: &ldquo;But the path ahead especially the path back to robust growth&nbsp; is rough and foggy, and the ropes that hold us together may be weaker now than they were just a few years ago.&rdquo; &ldquo;Now is not the time to be complacent,&rdquo; she said.
&ldquo;We are in a more shock-prone world, and we have to be ready for it.

The Indian Ocean nation of around 22 million people ran out of cash to finance even the most essential imports, causing massive social unrest

IMF approves $3 bn bailout to debt-ridden Sri Lanka

The Indian Ocean nation of around 22 million people ran out of cash to finance even the most essential imports, causing massive social unrest

Sri Lanka's president said Monday that the International Monetary Fund has approved its request for a $2.9 billion bailout, raising hopes for an easing of the island nation's dire economic crisis.
The IMF's board also confirmed it has signed off on the loan, which clears the way for the release of funds and kicks off a four-year programme designed to shore up the country's economy.
But its managing director Kristalina Georgieva warned that Colombo must continue pursuing tax reform and greater social safety nets for the poor -- and rein in the corruption that has been partly blamed for the crisis.
"I express my gratitude to the IMF and our international partners for their support as we look to get the economy back on track for the long term through prudent fiscal management and our ambitious reform agenda," President Ranil Wickremesinghe said in a statement.
Sri Lanka defaulted on its foreign debt in April 2022 as the country plunged into its worst economic downturn since independence because of a major shortage of foreign currency reserves.
The Indian Ocean nation of around 22 million people ran out of cash to finance even the most essential imports, causing massive social unrest.

The tumultuous political climate in Pakistan has contributed to the postponement of a crucial agreement with the IMF, headquartered in Washington, that could stabilise the cash-strapped nation's economy.

Volatile political situation in Pakistan delaying IMF deal

The tumultuous political climate in Pakistan has contributed to the postponement of a crucial agreement with the IMF, headquartered in Washington, that could stabilise the cash-strapped nation's economy.

The current volatile political situation in Pakistan has become a factor in delaying a much-needed deal with the Washington-based IMF that may stabilize the cash-strapped country's economy, according to a media report on Wednesday.
Pakistan's economy is in dire straits. The country is awaiting a much-needed 1.1 billion dollars tranche of funding from the International Monetary Fund (IMF).
The funds are part of a 6.5 billion dollars bailout package the IMF approved in 2019, which analysts say is critical if Pakistan is to avoid defaulting on external debt obligations.
Quoting diplomatic sources, the Dawn newspaper reported that global lenders, particularly the IMF, are seeking assurances from Pakistan that the future political setup in the country will respect any deal they sign with Islamabad.
Pakistan and the IMF have been negotiating the resumption of an installed 7 billion dollars IMF programme for months but have yet to reach an agreement.
Last week, Finance Secretary Hamed Yaqoob Sheikh told reporters that an agreement was likely in the next few days, though Pakistan has missed such timelines in the past as well.
Pakistan has already implemented a series of policy measures that the IMF suggested, including increased taxes, higher energy prices and rising interest rates to the highest in 25 years.
But two major issues remain unresolved: financial and political assurances. The IMF wants Pakistan to show that it can raise enough financial resources to narrow its balance of payments gap.
Since the IMF only provides a part of the loan a borrower needs, it requires the borrower to show that it has pledges from other lenders to bridge the gap.

Maryam, who is the daughter of former Pakistan prime minister Nawaz Sharif, has launched several attacks on Khan for selling off gifts presented to him when he was the prime minister and has accused him of pushing Pakistan to the brink of default.

Senior Pakistan leader Maryam Nawaz's dig at IMF after funding talks failed

Maryam, who is the daughter of former Pakistan prime minister Nawaz Sharif, has launched several attacks on Khan for selling off gifts presented to him when he was the prime minister and has accused him of pushing Pakistan to the brink of default.

Pakistan is a "hostage" to the IMF which is treating the cash-strapped country like a "colony", senior leader of PML-N Maryam Nawaz has said while lambasting former prime minister Imran Khan for flouting the previous agreements with the global lender.
Pakistan's economy is in dire straits. The country is awaiting a much-needed USD 1.1 billion tranche of funding from the Washington-based International Monetary Fund (IMF).
&ldquo;The IMF is not ready to trust us. Pakistan is a hostage to the IMF and it is treating the country like a colony. Even if we try to come out of its clutches, we can&rsquo;t,&rdquo; Pakistan Muslim League (N) (PML-N) leader Maryam said while addressing the youth and social media activists in Model Town here on Monday.
She castigated Pakistan Tehreek-i-Insaf chairman Imran Khan for flouting the previous IMF agreement, the Dawn newspaper reported.
&ldquo;Because of this today we are begging for Rs 1 billion,&rdquo; the 49-year-old leader said.
She drew the comparison of her father Nawaz Sharif&rsquo;s government with that of Khan, saying the cricketer-turned-politician was "launched to destroy the country".
Maryam, who is the daughter of former Pakistan prime minister Nawaz Sharif, has launched several attacks on Khan for selling off gifts presented to him when he was the prime minister and has accused him of pushing Pakistan to the brink of default.
She also said Imran should be arrested.
&ldquo;Why is he hiding behind the party workers? He again wants to become the prime minister. I ask what he has done that they (a reference to the establishment) make him prime minister again. Imran Khan tried to have the support of a few generals and judges. Now he is banking on the judiciary to return to power,&rdquo; she said.
Pakistan entered a USD 6 billion IMF programme during Khan's government in 2019, which was increased to USD 7 billion last year.
The programme's ninth review is currently pending with talks being held between IMF officials and the government for the release of USD 1.1 billion.
Pakistan and the IMF have been holding virtual talks after the two sides held 10 days of intensive negotiations with an IMF delegation in Islamabad from January 31 to February 9, which failed to reach an agreement.
Pakistan, whose foreign exchange has dropped below USD 3 billion, is in desperate need of financial assistance and a bailout package from the International Monetary Fund in order to avoid an economic collapse.

The successful completion of the ninth review will bring the cash-strapped country US $1.2 billion in the form of the next tranche.

Pakistan agrees to IMF conditions, to get $1.2 billion bailout funds: Pak FM Ishaq Dar

The successful completion of the ninth review will bring the cash-strapped country US $1.2 billion in the form of the next tranche.

The Pakistan government has received a memorandum on the terms and conditions from the IMF for the completion of a USD 7 billion loan programme, Finance Minister Ishaq Dar said on Friday but acknowledged that both sides are yet to clinch a staff-level agreement on the much-needed bailout for the cash-strapped country. Dar made the statement after an IMF delegation, which left Pakistan on Thursday night after 10 days of talks with the government, said virtual discussions would continue on the ninth review of the programme.
The Memorandum of Economic and Financial Policies (MEFP) is a key document that describes all the conditions, steps, and policy measures on the basis of which the two sides declare the staff-level agreement.
Once the draft MEFP has been shared, the two sides discuss the policy measures outlined in the document. Once these are finalised, a staff-level agreement is signed, which is then forwarded to the International Monetary Fund&rsquo;s (IMF) executive board for approval.
An IMF mission led by Nathan Porter visited Islamabad from January 31 to February 9 to hold discussions under the ninth review of the authorities&rsquo; programme supported by the IMF Extended Fund Facility (EFF) arrangement.
Pakistan, whose foreign exchange has dropped below USD 3 billion, is in desperate need of financial assistance and a bailout package from the IMF to prevent it from economic collapse.
The successful completion of the ninth review will bring the cash-strapped country USD 1.2 billion in the form of the next tranche.
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As the visiting delegation left without a concluding statement, there was some confusion about the outcome of the talks and whether a draft MEFP had been shared.
Dar, however, insisted in Friday's press conference that there was no confusion.
&ldquo;We insisted that they (the Fund delegation) give us the MEFP before leaving so we could look at it over the weekend,&rdquo; he said, adding that the government and the IMF officials would hold a virtual meeting in this regard on Monday.
&ldquo;I am confirming that the MEFP draft has been received by us at 9 am today (Friday),&rdquo; he added.

Inflation in India expected to come down to 5 pc in 2023 and 4 pc in 2024: IMF

Global inflation is set to fall from 8.8 percent in 2022 (annual average) to 6.6 percent in 2023 and 4.3 percent in 2024 -- above pre-pandemic (2017&ndash;19) levels of about 3.5 percent, it said.

Inflation in India is expected to come down from 6.8 percent in the current fiscal year ending March 31 to 5 percent the next fiscal, and then drop further to 4 percent in 2024, the International Monetary Fund (IMF) said on Tuesday.
&ldquo;Inflation in India as in other countries is expected to come down from 6.8 percent in 2022 to 5 percent in 2023 and then 4 percent coming towards the target in 2024,&rdquo; Daniel Leigh, Division Chief, Research Department of the IMF told reporters.
&ldquo;That partly reflects the central bank's actions,&rdquo; he added, According to the World Economic Outlook update released by the IMF on Tuesday, about 84 percent of countries are expected to have lower headline (consumer price index) inflation in 2023 than in 2022.
Global inflation is set to fall from 8.8 percent in 2022 (annual average) to 6.6 percent in 2023 and 4.3 percent in 2024 -- above pre-pandemic (2017&ndash;19) levels of about 3.5 percent, it said.
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The projected disinflation partly reflects declining international fuel and non-fuel commodity prices due to weaker global demand. It also reflects the cooling effects of monetary policy tightening on underlying (core) inflation, which globally is expected to decline from 6.9 percent in the fourth quarter of 2022 (year over year) to 4.5 percent by the fourth quarter of 2023, the IMF said.
&ldquo;Still, disinflation will take time: by 2024, projected annual average headline and core inflation will, respectively, still be above pre-pandemic levels in 82 percent and 86 percent of economies,&rdquo; it said.

On January 6, Pakistan Prime Minister Shehbaz Sharif held talks with International Monetary Fund (IMF) chief Kristalina Georgieva.

USA reacts to Pakistan economic crisis, says 'supportive where we can be, but...'

On January 6, Pakistan Prime Minister Shehbaz Sharif held talks with International Monetary Fund (IMF) chief Kristalina Georgieva.

With Pakistan experiencing a severe economic crisis, the United States of America reacted to Islamabad's plight.
The Joe Biden government said that it is "attuned" to the challenge being faced by Pakistan, and wants to see the country in an "economically sustainable position". Washington said that it supports Islamabad where possible, but economic help is an ongoing conversation between Pakistan and international financial institutions.
Pakistan's foreign exchange reserves plunged to $4.3 billion last week, which is enough for 3 weeks of imports, according to reports.
On January 6, Pakistan Prime Minister Shehbaz Sharif held talks with International Monetary Fund (IMF) chief Kristalina Georgieva to break the deadlock over the release of the next tranche of assistance for the cash-strapped country.
The global lender has refused to issue the new instalment of the already agreed loan since Pakistan was not living up to the promises it made when the stalled loan of USD 6 billion was restored last year.
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Prime Minister Sharif also sought relaxation in the demand to increase electricity prices to compensate for the deviation of around Rs 500 billion from the annual circular debt management plan.
These remain the major stumbling blocks in reaching an initial understanding of a staff-level visit by the IMF to Pakistan.
Finance Minister Ishaq Dar has expressed hope of receiving a second USD 3 billion bailout from Saudi Arabia.
(With PTI inputs)

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

Stating how there were specific direct cash trasfers for women and farmers he said perhaps the interesting part is that in these examples, there is a lot of technological innovation.


Stating how there were specific direct cash trasfers for women and farmers he said perhaps the interesting part is that in these examples, there is a lot of technological innovation.

India&rsquo;s deployment of a direct cash transfer scheme and other similar social welfare programmes is a &ldquo;logical marvel&rdquo;, the International Monetary Fund (IMF) said on Wednesday.
&ldquo;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,&rdquo; Paolo Mauro, Deputy Director of the Fiscal Affairs Department at the IMF, told reporters at a news conference here.
&ldquo;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,&rdquo; 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 the interesting part is that in these examples, there is a lot of technological innovation, he said.
&ldquo;In the case of India, one thing that is striking is the use of the unique identification system, the Aadhaar,&rdquo; Mauro said.
&ldquo;But in other countries, also, there is greater use of sending money through mobile banking to people who actually do not have a whole lot of money, but they have a cell phone,&rdquo; Mauro said.
&ldquo;So being somewhat innovative in identifying people, in processing their applications for transfers through digital means, deploying funds through, again, mobile banking. This is something that countries can learn from each other. We try also here to be a little bit of a convening place where people can compare these types of experiences,&rdquo; he said.
Observing that the IMF is collaborating with India on the application of new technologies, Vitor Gaspar, Director of the Fiscal Affairs Department, said that India is &ldquo;one of the most inspiring examples of the application of technology to solve very complicated issues of targeting support to the people who need it most&rdquo;.
The IMF has also been working with many African countries in the area of government technology. &ldquo;And also in Africa, there are very many examples of innovation, which is relevant and inspiring as well. So, the exchange of experiences that Paolo was talking about is something that we are trying to organise, and the amount of learning that can take place is actually quite surprising. There is a lot going on in India, in Africa, and in other parts of the world,&rdquo; Gaspar said.
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The global economy is at a difficult crossroads, buffeted by multiple shocks including soaring inflation, rising interest rates and a growing threat of broad debt crisis 

IMF warns global recession risks & darker outlook; what these warning means

IMF warns global recession risks &amp; darker outlook, but what these warning means?

The global economy is at a difficult crossroads, buffeted by multiple shocks including soaring inflation, rising interest rates and a growing threat of broad debt crisis.
Economy is moving from a world of relative predictability to one of greater uncertainty, International Monetary Fund chief Kristalina Georgieva has said, warning that countries accounting for about one-third of the world economy will experience at least two consecutive quarters of contraction this or next year.
In a speech ahead of the fund's annual meetings next week, the IMF's managing director said to take concerted action to avoid a "dangerous 'new normal,'" as the risks of a worldwide recession are driven ever higher by repeated economic shocks.
This highlights downturns in China and Russia, alongside higher-than-expected inflation, especially in the United States and Europe.
It is partly blamed on Russia's war in Ukraine, which has increased energy prices and food prices.
Whether an economic downtown has officially been declared a recession or not, the impacts of an impending recession can affect your daily life.
Some people may lose their jobs, or find it harder to get promotions, or pay rises big enough to allow them to cope with increases in prices.
Graduates and school leavers could find a first job harder to get.
However, the pain of a recession is typically not felt equally across society, and inequality can increase.
Benefit recipients and those with fixed incomes are particularly likely to struggle.&nbsp;

Bangladesh’s Ministry of Cultural Affairs on Monday issued a notice saying Ms Fatehi wasn't granted permission ‘in view of the global situation and with the aim of maintaining the foreign exchange reserves.’

Bangladesh denies permission to Nora Fatehi to perform at an event in bid to save dollars

At an event orgnaized by the Women Leadership Corporation, Nora was scheduled to dance and distribute awards.

Bangladesh&rsquo;s Ministry of Cultural Affairs on Monday issued a notice saying Ms Fatehi wasn't granted permission &lsquo;in view of the global situation and with the aim of maintaining the foreign exchange reserves.&rsquo;

Actor Nora Fatehi has been denied permission to perform at an event in Dhaka by the Bangladesh government.
A notice issued by Bangladesh&rsquo;s Ministry of Cultural Affairs on Monday, read that <a href="https://www.editorji.com/entertainment-news/bollywood/nora-fatehi-reveals-brad-pitt-slid-into-her-dms-netizens-roast-1665664507202">Ms Fatehi</a> wasn't granted permission &lsquo;in view of the global situation and with the aim of maintaining the foreign exchange reserves.&rsquo;
At an event orgnaized by the Women Leadership Corporation, the actor was scheduled to dance and distribute awards.
As per NDTV report, the ministry referred to the central bank's restrictions on dollar payments after foreign exchange reserves slipped to $36.33 billion as of Oct. 12 -- enough to cover roughly four months of imports -- from $46.13 billion a year earlier.
Later this month, the International Monetary Fund will send its first negotiation mission to Bangladesh to open talks with the government on loans the country has sought, according to Anne-Marie Gulde-Wolf, deputy director of the Asia and Pacific Department at the IMF.
At a media briefing on October 13, she said that the reserves &lsquo;are still at a comfortable level, but the direction has been going down&rsquo;.
On the work front, Nora Fatehi is currently judging the dance reality show &lsquo;Jhalak Dikhhla Jaa 10&rsquo; with Karan Johar and Madhuri Dixit Nene. She is also awaiting the release of her film &lsquo;Thank God&rsquo;, in which she features in the song &lsquo;Manike&rsquo; with Sidharth Malhotra.
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In 2025-26, the Indian economy will be the fourth largest economy in the world at par with Germany as per IMF Data.

India may become third biggest economy by FY28: Report

Will India become third biggest economy by 2028? 

India - World's third biggest economy?

According to the International Monetary Fund (IMF), India is no longer far behind the US, China, Japan and Germany in terms of the size of its economy

Amid talks of slowdown and recession, the International Monetary Fund (IMF) has praised India for its economic growth and structural reforms and said it is projected to become the world's third largest economy by 2029.
According to International Monetary Fund (IMF) World Economic Outlook database, India is no longer far behind the US, China, Japan and Germany in terms of the size of its economy.&nbsp;
In 2025-26, the Indian economy will be the fourth largest economy in the world at par with Germany as per IMF Data.
The size of the Indian economy will increase to $ 4.94 trillion in 2026-27. The Indian economy will grow to $5.36 trillion against Japan's $5.17 trillion.&nbsp;
Earlier in the January-March quarter of FY 2021-22, India had overtaken the United Kingdom as fifth largest economy.

imf

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