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The Latest Breaking News from International Monetary Fund

Analysis-Years of political crises in Peru are finally hitting its economy

Since 2011, Peruvians have lived under seven presidents and seen four ex-leaders detained or wanted on corruption allegations. Yet, in the same period Peru has held onto the unlikely title of the fastest growing major economy in Latin America.

Reuters

Sri Lanka hopes to reach initial agreement with IMF for help

Sri Lanka’s central bank chief says he is hopeful the crisis-ridden island nation can reach a preliminary agreement that could lead to a bailout package with the International Monetary Fund when officials from the financial institution visit Sri Lanka later this month

The Independent UK

Egypt Says Central Bank Governor Resigns

President Abdel Fattah el-Sisi on Wednesday accepted the resignation of central bank governor Tarek Amer and named him a presidential adviser, the Egyptian leader' office said in a statement. The brief statement offered no reasons for Amer's resignation. He had been appointed as governor of the central bank in November…

Asharq Al-Awsat

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Analysis-As economy wilts, Argentina's Massa seeks to sow hope with farm chiefs

The "superminister" tasked with rescuing Argentina's crisis-racked economy needs cash now, and so just days into the job he has launched a charm offensive to win over farm industry titans to access crucial debt forgiveness ahead of a looming deadline.

Reuters

Tunisian Govt, Unions Agree to Talks on IMF Economic Reforms

Tunisia's government and both its main labor and commerce unions agreed on Friday to start talks on Monday over economic reforms required by the International Monetary Fund (IMF) for a rescue program. State news agency TAP reported that Prime Minister Najla Bouden, UGTT labor union chief Noureddine Taboubi and UTICA…

Asharq Al-Awsat

Tunisian government, unions agree to talks on IMF reform programme

Tunisia's government and both its main labour and commerce unions agreed on Friday to start talks on Monday over economic reforms required by the International Monetary Fund (IMF) for a rescue programme.

Reuters

When the IMF comes to town: why they visit and what to watch out for

In most rich countries the news that a mission from the International Monetary Fund (IMF) is coming to visit is met with indifference. But, in most African countries the news can cause great consternation.

The Conversation

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Navigating Sri Lanka’s rocky road to recovery

Focusing on smarter policymaking would ensure a smoother path ahead

The Hindu

Ukraine seeks new IMF programme, hopes aid arrives in Nov-Dec - PM

Ukraine has formally requested a new programme from the International Monetary Fund and hopes to receive aid under the programme from November to December, Ukrainian Prime Minister Denys Shmygal said on Monday.

Reuters

Indian Oil Corporation to expand operations in Sri Lanka

The IOC would invest in storage tanks and other equipment while the dealers are expected to have the land and bear other infrastructure costs, Lanka IOC Managing Director Manoj Gupta said.

The Hindu

Oxford Economics Predicts Saudi Economy to Cross $1 Trln Mark in 2022

Oxford Economics has predicted that the Saudi economy will cross the trillion-dollar mark for the first time this year. The leader in global economic forecasting and econometric analysis pointed out that the growth rate of Saudi Arabia's national product will reach 7.5 % during 2022. The International Monetary Fund has…

Asharq Al-Awsat

Sri Lanka syndrome: Is Bangladesh out of danger?

With global inflation rising and the fear of fuel and food crises looming large, clouds are gathering on the economic horizon of South Asian countries. Sri Lanka in particular remains mired in a crisis driven by a mix of high indebtedness, soaring inflation and poor economic management.

Bangkok Post

Bank of England’s dire recession warning too ‘optimistic’ amid gas threat, economists say

‘If Russia were to completely cut supplies and we had a cold winter it would be a perfect storm’

The Independent UK

Sri Lanka considering restructure of local and sovereign debt - president

Sri Lanka is considering a restructure of local and sovereign debt, President Ranil Wickremesinghe said on Friday, as the island nation battles its worst financial crisis in its independent history.

Reuters

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Foreign Affairs

Is the Sri Lankan Debt Crisis a Harbinger?

Why U.S.-Chinese Tensions Put Developing Countries at Risk

Bangkok Post

How to prevent developing country debt crises

Since the Latin American debt crisis of the 1980s, sovereign-debt crises have become a regular occurrence for emerging and developing economies. Today, Sri Lanka needs a bailout from the International Monetary Fund (IMF) after defaulting on its foreign debt in May, and a growing number of low-income countries are facing…

Reuters

IMF says it is working with Bangladesh on RST loan with 'safeguards'

The International Monetary Fund said it would work with Bangladesh to design a loan program request in coming months that meets the country's economic and social dynamics and has "safeguards" in the event of a further deterioration in economic conditions.

The Independent UK

Sri Lanka leader proposes 25-year plan for crisis-hit nation

Sri Lanka’s new president says his government is preparing a national policy roadmap for the next 25 years that aims to cut public debt and turn the country into a competitive export economy as it seeks a way out of its worst economic disaster

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Reuters

Bangladesh seeking $2 Billion from World Bank, ADB - Bloomberg News

Bangladesh is seeking $2 billion from the World Bank and the Asian Development Bank (ADB) amid efforts to bolster its foreign exchange reserves, Bloomberg News reported on Wednesday.

The Conversation

War is stopping Ukraine from paying its debts -- here's how international powers can continue to support its recovery

Ukraine is burning through money fast. The invasion by Russia has been costly for the country. According to the International Monetary Fund, Ukraine’s GDP could shrink by 35% as a result of the war. The country’s international grain exports have been severely hampered, with a recent deal to restart exports…

Bangkok Post

TNSC recommends exporters refocus on regional markets

Thai exporters have been warned to brace for the impact of China's economic uncertainties in the second half of the year on top of the looming global recession, runaway inflation and energy crisis.

The Guardian - UK

Food prices soaring in developing world amid Ukraine crisis, World Bank finds

Lebanon is worst-hit by food inflation after food grain store explosion in Beirut in 2020

The Hindu

GST levies on food items won’t burden poor, says Nirmala Sitharaman

Finance Minister says GST Council is a constitutional body where Modi doesn’t take decisions, but State Finance Ministers take them

Asharq Al-Awsat

Lebanon’s Ordeal: From Civil Strife to Economic Collapse

Lebanon marks the second anniversary on Thursday of the Beirut port explosion that killed 215 people and is widely seen as a symbol of corruption and bad governance by the sectarian ruling elite. Here are some of the main crises over the past two decades in a country that has…

Asharq Al-Awsat

Saudi Arabia Posts Highest Economic Growth Since 2011

The Saudi General Authority for Statistics (GASTAT) revealed on Sunday that the Kingdom’s real gross domestic product (GDP) jumped by 11.8 % year-on-year (YoY) in the second quarter of 2022. The announcement countered International Monetary Fund projections that the economy will grow at 7.6% this year, the highest growth among…

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