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The Latest Breaking News from International Monetary Fund

IMF agrees $293 million financing for Barbados, first deal under new trust fund

The International Monetary Fund said on Wednesday that its staff has agreed on some $293 million in new financing for Barbados, including $183 million via a new trust fund created to help vulnerable middle-income and island countries.

Reuters

The Guardian view on the financial crisis: a meltdown made in Downing Street

Editorial: Liz Truss’s first big policy has been shot down by financial markets – and her economic credibility shredded

The Guardian - UK

Lebanon to Slash Official Exchange Rate from Nov. 1, Finance Min Says

Lebanon plans to slash its official exchange rate, replacing the 1,507 per dollar rate adopted 25 years ago with a rate of 15,000 in a step towards unifying numerous exchange rates, the finance minister told Reuters on Wednesday. The pound has plunged by more than 95% from the official rate…

Asharq Al-Awsat

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What would happen if the IMF bailed out Britain?

Fund issues rare rebuke to UK warning against pursuing Kwasi Kwarteng’s tax-slashing agenda

The Independent UK

What is the IMF and what did it say about the Government’s fiscal plans?

The IMF claims the £45 billion-worth of tax cuts will likely increase inequality in the UK

Evening Standard

Nicola Sturgeon: UK is in midst of rapidly deteriorating economic crisis

The First Minister called for the UK Government to immediately walk back plans to scrap the top rate of tax.

The Independent UK

UK faces 'economic situation not seen in living memory' says First Minister

Nicola Sturgeon said that the impact of the sweeping tax cuts could lead to an economic crisis worse than the 2008 global financial crash

The National (Scotland)

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Ghana negotiations with IMF to be fast-tracked : finance minister

Ghana's negotiations with the International Monetary Fund over a rescue package will be fast-tracked, the country's Finance Minister Ken Ofori-Atta said on Wednesday.

Reuters

Bank of England begins emergency bond-buying as UK borrowing costs soar

Chancellor moves to reassure markets after his 'mini-budget' on Friday sent Sterling to an all-time low against the Dollar

Insider UK

'Unmitigated disaster': Serious concern over IMF's warning to Tory Chancellor

The International Monetary Fund (IMF) rebuked the UK Government in the days following Kwasi Kwarteng’s mini-budget

The National (Scotland)

Bank of England forced to intervene to stabilise economy after Kwasi Kwarteng mini-Budget

The Bank of England on Wednesday made an emergency intervention to protect Britain’s “financial stability” after Kwasi Kwarteng’s shock mini-Budget.

Evening Standard

Spending cuts made necessary by mini-Budget ‘could spell end of NHS’, top economist warns

Sir Charlie Bean, a former deputy governor of the Bank of England, said deep cuts would be needed to bring spending into line with GDP

Evening Standard

Former Tory MSP calls for LABOUR government in fierce attack on own party

A FORMER Scottish Tory MSP has launched an extraordinary attack on his own party, calling for a Labour government to run the UK.

The National (Scotland)

Rebuke from IMF is a global embarrassment for Truss and Kwarteng

Will PM and chancellor ignore advice under mounting pressure, which is also coming from US and Germany?

The Guardian - UK

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Evening Standard

Big-name high street stocks caught in market turmoil as UK warned of economic ‘doom loop’

Greggs, Sainsbury, Ocado and Tesco alone lose £1 billion in market value as UK shares tumble

The Independent UK

John Swinney: I am very concerned by IMF statement on UK tax plans

The International Monetary Fund said it was ‘closely monitoring’ the situation, urging the Chancellor to ‘re-evaluate the measures’.

Evening Standard

IMF heaps pressure on Kwasi Kwarteng over tax cuts

Kwasi Kwarteng will step up efforts to reassure the City about his economic plans on Wednesday after the International Monetary Fund (IMF) criticised the measures and the Bank of England signalled sharp interest rate rises could be on the way. The Chancellor will meet investment banks following days of turmoil…

The National (Scotland)

'What criticism?': Tory MSP claims he never heard of IMF attack on UK tax cuts

THE Scottish Tories have backed the UK Government’s tax cuts despite an extraordinary intervention from the International Monetary Fund and the…

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The Independent UK

Fears of a Labour government caused market turmoil, claims Tory peer

Daniel Hannan played down concerns about the £45 billion package of tax cuts announced by Chancellor Kwasi Kwarteng.

Daily Record

House prices could fall by 15% as IMF issues stinging criticism of Tory plan

Leading economists have warned that consumers and the housing market are in for a rough ride following the drop in the value of the pound.

France 24

China's Yuan falls to lowest level since 2008 global financial crisis

Like many other world currencies, China's onshore and offshore Yuan both fell against the dollar on Wednesday, increasing the pressure on the People's Bank of China to intervene directly. The drop is a result of the strong US dollar following the Federal Reserve's rate hikes, coupled with Beijing's more dovish…

The Independent UK

IMF urges UK to "re-evaluate" tax cuts on inflation concerns

The International Monetary Fund has urged the U.K. government to “reevaluate” a package of unfunded tax cuts that it says may fuel inflation and are likely to increase economic inequality

Daily Mirror

IMF launches stinging attack on Kwasi Kwarteng tax cut plans in 'very serious' warning

Chancellor Kwasi Kwarteng spooked markets this week after delivering his Mini-Budget, with the pound plunging to an all-time low against the US dollar and mortgage deals being pulled

Reuters

Pakistan finance minister known for propping up rupee in earlier stints

Ishaq Dar, Pakistan's new finance minister, has strongly favoured intervention in currency markets in three previous stints in the job, but faces a nation in economic crisis this time and the conditions of an International Monetary Fund (IMF) programme.

The National (Scotland)

IMF urges Kwasi Kwarteng to change course in extraordinary statement

THERE is international pressure on Chancellor Kwasi Kwarteng to change course following his mini budget announcement.

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