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The Latest Breaking News from International Monetary Fund

Fly economy: Pakistan’s belt-tightening begins in high places

ISLAMABAD: Pakistani ministers can no longer fly business class or stay in five-star hotels abroad. And the government thanks them for taking salary cuts.

The Times of India

G-7 to extend crucial support for Ukraine’s IMF funding bid

Group of Seven nations plan to offer key support for Ukraine’s effort to access International Monetary Fund financing by the end of March as IMF officials have begun talks with the U.S., people familiar with the matter said.

Tribune News Service

Microsoft lobbies EU to approve Activision Blizzard deal

Microsoft is lobbying European regulators to approve its $69 billion takeover bid for video game giant Activision Blizzard. To allay concerns about competition, it's agreed to let Nintendo and Nvidia users access some of its titles. But there are still plenty of roadblocks for what could be the tech industry's…

France 24

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Pakistan to cut government expenses by 15% in austerity drive

Pakistan's government will cut back allowances and travel expenses of ministers and advisers as part of an austerity drive that will save it 200 billion rupees ($766 million) a year, Prime Minister Shehbaz Sharif said on Wednesday.

Reuters

Tight fiscal leash awaits winner of Nigeria presidential election

Ahead of the election, Africa’s largest economy is in a precarious position due to rising debt and low revenue.

Al Jazeera

Pakistan's resurgent militancy is a 'Frankenstein monster' of its own creation, experts say

Experts fear the return of a vicious and bloody cycle of militancy as two terrorist assaults within weeks claim more than 100 lives in a country grappling with economic meltdown.

ABC News

IMF head says new lending to Ukraine could be 'sizeable'

Ukraine could secure "sizeable support" from the International Monetary Fund under a new, longer-term program, and its economy should see a gradual recovery over the course of this year, IMF Managing Director Kristalina Georgieva said on Tuesday.

Reuters

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Electricity bill increase pushes crisis weary Sri Lankans to the brink

The latest electricity price rise in crisis-hit Sri Lanka has left stall owner Mohammed Lafeel in a quandary: the 66% increase means he can't afford to pay for electricity but can't manage without it so goes deeper into debt to keep it on.

Reuters

Britain forced to spend £50bn extra on gas since Putin invaded Ukraine, analysis shows

Analysts say cost of gas would have been much lower if the UK energy system had more renewables

The Independent UK

UK spent £50 billion extra on gas since Ukraine invasion, say analysts

Analysis, carried out by the Energy and Climate Intelligence Unit (ECIU), estimates that the UK paid between £50-60 billion more for wholesale gas in 2022 than in a typical pre-pandemic year

Chronicle Live

IMF to crisis-hit Pakistan: Tax the rich, protect the poor

Comments come at the back of a 10-day visit by an IMF delegation, as Pakistan hopes to unlock $1.1bn of crucial funds.

Al Jazeera

It’s high time to rethink how the World Bank operates

Many believe there is little future in trying to tackle problems of the 2020s with institutions created in the 1940s

The Guardian - UK

Year of war in Ukraine left developing nations picking up pieces

Some of the harshest economic effects of the war are being felt much farther afield than Russia’s theatre of battle.

Al Jazeera

IMF, Ukraine reach staff-level deal, paving way for full loan talks

The International Monetary Fund on Friday said it reached a staff-level agreement with Ukraine, setting the stage for talks on a full loan program that would support Kyiv's economy and its bid to join the European Union.

Reuters

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The Guardian - UK

Tunisia crackdown on opposition and media alarms rights groups

Ten public figures arrested since Saturday as President Kais Saied pursues what Amnesty calls a repression of dissent

The Independent UK

Poor Pakistanis worry IMF bailout measures risk stark future

Economists say cash-strapped Pakistan’s latest plan for economic recovery is likely to take a painful toll on its poor

Asharq Al-Awsat

Lebanon’s Finance Minister Says Difficult to Replace C. Bank Head Salameh

Lebanese Finance Minister Youssef Khalil said replacing central bank governor Riad Salameh, who has held the job for three decades, would be difficult and that his term may be extended though no consensus has yet been reached. Salameh, who is being investigated by European and Lebanese prosecutors for alleged embezzlement…

Reuters

External backers pour billions into Ukraine to counter war damage

Pictures of devastation in Ukraine following Russia's invasion have sparked urgent questions over how its reconstruction can be paid for. But before they can even begin to be answered, Kyiv is seeking billions just to ride out this year.

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ABC News

Taking over the Sri Lankan presidential palace was a high point for Wasantha. Then came six months of horror

This 29-year-old spearheaded a protest movement that toppled Sri Lanka's government. But after his triumphant moment, Wasantha was taken into a feared detention system where prisoners have been tortured and killed.

The Independent UK

Climate advocates urge World Bank overhaul as leader exits

Leading climate figures are urging the Biden administration to use the early departure of the Trump-appointed head of the World Bank as an opening to overhaul the powerful financial institution

Al Jazeera

As cash runs out, Pakistan introduces bill to unlock IMF funds

Measures proposed to secure the crucial loan include raising the general sales tax by a percentage point to 18 percent.

The Guardian - UK

Five factors to explain FTSE 100’s record high despite recession

Economy and business backdrop is grim, but the energy boom and shareholder payouts have helped

The Guardian - UK

Rockefeller Foundation boss favourite to succeed David Malpass at World Bank

Calls for White House to lose stranglehold on choosing bank’s leadership

The Times of India

How Pakistan is taking desperate economic measures for IMF bailout

NEW DELHI: The Pakistan government is trying its best to secure a deal with the International Monetary Fund (IMF) for the release of a critical bailout package, failing which it can slump into default.

The Independent UK

China expresses support for Sri Lanka ahead of debt meeting

China has expressed support for Sri Lanka ahead of a meeting of lenders to poor economies but gave no indication if it might help to cut debts that have plunged the Indian Ocean island nation into financial and political turmoil

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