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The Latest Breaking News from International Monetary Fund

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

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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

Is the Sri Lankan Debt Crisis a Harbinger?

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

Foreign Affairs

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…

Bangkok Post

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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.

Reuters

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

The Independent UK

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.

Reuters

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…

The Conversation

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.

Bangkok Post

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 Guardian - UK

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

The Hindu

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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…

Reuters

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.

Radio France Internationale

IMF warns of seven factors which leave global economy at risk of perfect storm

The International Monetary Fund has warned that seven factors are undermining growth expectations, suggesting that the worst-case scenario would cut global economic growth to 2 percent in 2023, the lowest level in over five decades.

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Dynamite News

Wickremesinghe urges parties to find ways to repay loans as unrest delayed IMF- Sri Lanka deal

Sri Lanka's President Ranil Wickremesinghe on Sunday said that the unrest had delayed a possible deal with the International Monetary Fund to help pull the bankrupt nation out of its economic crisis and urged political parties must work together on finding permanent solutions to the issues faced by Sri Lanka.…

The Independent UK

Pakistan military chief seeks US help on release of IMF loan

Pakistani officials say the country's powerful army chief has contacted Washington, seeking U.S. help in securing an early release of a crucial $1.7 billion installment from the International Monetary Fund to Pakistan

Reuters

Sri Lanka's Wickremesinghe says IMF accord pushed back after unrest - AP

Sri Lankan President Ranil Wickremesinghe said on Saturday that an agreement with the International Monetary Fund has been pushed back to September due to the unrest over the past weeks, the Associated Press reported.

Asharq Al-Awsat

Lebanon Speaker Says No Presidential Vote Without IMF Laws

Lebanese Parliament Speaker Nabih Berri said on Saturday he would not call for a session to elect a new president until the legislature passes reforms that are preconditions for an International Monetary Fund (IMF) bailout. An IMF deal is seen as the only way for Lebanon to recover from its…

Reuters

Lebanon parliament speaker says no presidential vote without IMF laws

Lebanese parliament speaker Nabih Berri said on Saturday he would not call for a session to elect a new president until the legislature passes reforms that are preconditions for an International Monetary Fund (IMF) bailout.

The Independent UK

Sri Lanka leader says IMF agreement pushed back after unrest

Sri Lanka’s president says an agreement with the International Monetary Fund to help pull the bankrupt nation out of its economic crisis has been pushed back to September because of unrest over the past weeks

Reuters

Zambia debt relief pledge clears way for $1.4 billion programme, says IMF

Zambia's creditors pledged to negotiate a restructuring of the country's debts on Saturday, a move IMF managing director Kristalina Georgieva welcomed as "clearing the way" for a $1.4 billion Fund programme.

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