IMF

October 24, 2024 6:24 PM

Nepal’s Finance Minister Paudel Meets ADB Vice President

Nepal’s Deputy Prime Minister and Minister for Finance, Bishnu Paudel, is currently attending the annual meetings of the World Bank Group and the International Monetary Fund (IMF) in the United States. During his visit, he held a meeting with Yingming Yang, Vice President of the Asian Development Bank (ADB). According to the Nepali Embassy in Washington, they discussed the current capital of the Bank and explored future potential collaborations with Nepal. As reported by the state news agenc...

October 23, 2024 11:41 AM

IMF retains India’s GDP growth at 7%, warns of new global risks

The International Monetary Fund (IMF) on Tuesday maintained its projection for India’s GDP growth at 7% for the current fiscal year ending March 31, 2025. The latest estimates, published in the IMF’s World Economic Outlook (WEO), also forecast India’s growth rate to moderate to 6.5% in the fiscal year 2025-26. "In India, the outlook is for GDP growth to moderate from 8.2 per cent in 2023 to 7 per cent in 2024 and 6.5 per cent in 2025, because pent-up demand accumulated during the pandemic...

October 15, 2024 10:59 AM

IMF says global public debt to top $100 trillion, growth may accelerate

The world's total public debt is set to exceed $100 trillion this year for the first time, and may grow more quickly than forecast as political sentiment favors higher spending and slow growth amplifies borrowing needs and costs, the International Monetary Fund said on Tuesday. The IMF's latest Fiscal Monitor report showed global public debt will reach 93% of global gross domestic product by the end of 2024 and approach 100% by 2030. That would exceed its 99% peak during COVID-19. It would also...

September 27, 2024 12:33 PM

Pakistan wins more financing assurances from China, UAE, Saudi IMF official says

Pakistan has received "significant financing assurances" from China, Saudi Arabia and the United Arab Emirates linked to a new International Monetary Fund program that go beyond a deal to roll over $12 billion in bilateral loans owed to them by Islamabad, an IMF official said on Thursday. IMF Pakistan Mission Chief Nathan Porter declined to provide details of additional financing amounts committed by the three countries but said they would come on top of the debt rollover. "I won't go into the...

September 13, 2024 3:53 PM

Nine European countries protest against IMF resuming missions to Russia

Nine European countries protested on Friday against the International Monetary Fund's plans to resume missions to Russia, saying it would damage the reputation of the Fund to resume dialogue with a country that has invaded another. After Moscow's all-out invasion of Ukraine in February 2022, the IMF stopped its annual consultations with Russia, which the Washington-based lender of last resort does for all its members. But on Sept 2, the IMF's Russian executive director Aleksei Mozhin told Reut...

September 16, 2024 5:55 PM

IMF further raises India’s growth projection to 7% for 2024; country fastest-growing among major economies

The International Monetary Fund (IMF), in its latest outlook, has raised India's growth projections for 2024 from 6.8 per cent earlier to 7 per cent, with the country maintaining the fastest-growing status in emerging markets and developing economies. The IMF had earlier projected growth rate of 6.5 per cent for 2024, revising it to 6.8 per cent and now 7 per cent. India continues to be the fastest growing major economy. For the year 2025, the IMF projected India's growth rate at 6.5 per...

June 13, 2024 12:24 PM

IMF approves second review of Sri Lanka’s $2.9 bln bailout, warns of economic risks

The International Monetary Fund (IMF) approved the second review of Sri Lanka's $2.9 billion bailout, but the global lender warned the economy remains vulnerable despite signs of recovery and urged Colombo to do more to restructure a hefty debt burden. In a statement on Wednesday, the IMF said it will release about $336 million, taking total funding to around $1 billion, to the crisis-hit country and noted that signs of an economic recovery were emerging. However, in a note of caution, it said...

June 7, 2024 7:19 PM

Pakistani PM Sharif meets China’s Xi in Beijing ahead of IMF talks

China's President Xi Jinping met Pakistani Prime Minister Shehbaz Sharif in Beijing on Friday (June 7), Chinese state media reported, days before Pakistan presents its annual budget and applies for a new International Monetary Fund (IMF) loan. Pakistan's location on the Arabian Sea gives it strategic importance for China, providing an overland route out towards the Gulf of Aden and onto the Suez Canal, and enabling Chinese ships to avoid the potential chokepoint of the Malacca Strait. "China w...

May 29, 2024 12:00 PM

IMF upgrades China’s 2024, 2025 GDP growth forecasts but warns of risks ahead

China's economy is set to grow 5% this year, after a "strong" first quarter, the International Monetary Fund said on Wednesday, upgrading its earlier forecast of 4.6% expansion though it expects slower growth in the years ahead. The global lender's new projections come as Beijing steps up efforts to shore up an uneven recovery in the world's second-biggest economy, which has stumbled in the face of a protracted property crisis and its ripple effects across investors, consumers and businesses. ...

April 26, 2024 3:38 PM

Sri Lanka approves IMF-backed law to seize proceeds of crime

Sri Lanka has approved a new law backed by the International Monetary Fund (IMF) allowing the state to seize any proceeds from criminal activities, a cabinet spokesperson said on Friday. The new law was proposed as part of efforts under the IMF programme to improve governance, Transport Minister Bandula Gunawardana said at a cabinet briefing. The law is part of conditions Sri Lanka has to fulfill to take forward a $2.9 billion program with the IMF after its economy crumpled under the worst fin...