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The Latest Breaking News from International Monetary Fund

Sri Lanka has a new president, but here's why many continue to protest

Sri Lanka's parliament elected longtime politician Ranil Wickremesinghe as the country's new president in a secret ballot on Wednesday. Here's what led to this moment.

WEKU

A hint of stability: On Sri Lanka’s new dispensation

With a new government in Sri Lanka, India must review its options in extending more help

The Hindu

Saudi Oil Production Capacity at Highest Levels in Over 2 Years

Saudi Arabia's crude oil production grew to 10.538 million bpd in May, rising 0.9 percent from 10.441 million bpd in April.

Asharq Al-Awsat

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Wickremesinghe, a wily political survivor, elected Sri Lanka's president

Ranil Wickremesinghe, a lawyer who served as Sri Lanka's prime minister a record six times, has finally made it to the top job, securing the presidency after winning a parliamentary vote on Wednesday despite fierce public opposition to his candidacy.

Reuters

Sharing power with the next generations

A new idea of ‘inter-generational justice’ is gaining traction as a better way of producing a more equitable global order

The Hindu

Cutting UK taxes now would be a mistake, International Monetary Fund warns

Only Rishi Sunak has said he will not start cutting taxes if he becomes prime minister

The Independent UK

Tory leadership field to be cut to four as IMF warns against tax cuts

Tom Tugendhat most likely to be eliminated after bruising ITV debate marked by Sunak and Truss clashes

The Guardian - UK

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Pakistan's Khan Calls for Early Election after State Assembly Victory

Former Pakistan prime minister Imran Khan called again Monday for an early national election after his party seized control of the state assembly in Punjab, the country's most populous province. Twenty seats were up for grabs in the Punjab by-election, which was seen as a popularity test for the former…

Asharq Al-Awsat

Pakistan’s Imran Khan calls for early polls after Punjab victory

The Punjab state assembly vote is being seen as bellwether for national election that must be held by October next year.

Al Jazeera

Dark clouds on the horizon

The drumbeat warning of recession is getting louder and more frequent, based on reports from the US and other major economies.

Bangkok Post

Ghana’s return to the IMF within three years underscores its deeper economic problems

Ghana is again seeking assistance from the International Monetary Fund (IMF) to enable the country to meet its payments to the rest of the world and restore the health of government finances. It is the second time in the past three years and 17th since independence in 1957 that Ghana…

The Conversation

Sri Lanka's protests started with plan hatched in a tent. Within months, thousands would storm the president's luxury residence

Inside a tent across the road from Colombo's famous seaside park, plans were hatched to occupy the luxury residence of the president and the prime minister's office. After months of demonstrations, these protesters have hope for the future.

ABC News

Sri Lanka PM becomes acting president, election set for July 20

Sri Lanka's parliament will vote on a new president Wednesday, July 20, the speaker's office said, following the resignation of President Gotabaya Rajapaksa after he was driven out of the country. Former Prime Minister Ranil Wickremesinghe was sworn in as acting president on Friday.

France 24

Sri Lankan Speaker Says President's Resignation Accepted

The resignation of Sri Lanka's president has been accepted, the crisis-hit country's parliamentary speaker announced Friday, after he fled the country earlier this week and notified him from Singapore that he was stepping down. The formal declaration makes Gotabaya Rajapaksa -- once known as 'The Terminator' for his ruthless crushing…

Asharq Al-Awsat

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Reuters

El Salvador finance minister says possible IMF deal no panacea

Salvadoran Finance Minister Alejandro Zelaya minimized on Thursday the potential positive impact of a long-delayed deal with the International Monetary Fund, even as the highly indebted country stares down a possible medium-term default.

Reuters

IMF says it expects Ukraine to keep paying debt despite default speculation

The International Monetary Fund expects Ukraine to continue to service its foreign debt, an IMF spokesman said on Thursday as speculation grows that Kyiv could default on its debt as its battle against Russia's invasion rages on.

The Conversation

6 ways governments drive innovation – and how they can help post-pandemic resilience

The COVID-19 pandemic has had an enormous impact on the global economy, with the total cost likely to exceed US$12.5 trillion dollars according to International Monetary Fund estimates.

Reuters

IMF calls for quick creditor agreements on Chad, Ethiopia, Zambia debts

The International Monetary Fund on Thursday called on creditor committees for Chad, Ethiopia and Zambia to quickly reach agreements with authorities to restructure the countries' debts, saying this could unlock IMF financing programs and disbursements for them.

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The Independent UK

IMF reaches deal with Pakistan to revive $6B bailout

The International Monetary Fund says it has reached a preliminary agreement on a $6 billion bailout for Pakistan

The Guardian - UK

First Thing: Biden battered by inflation and low approval ratings

The economy, energy prices and upcoming midterms weigh heavily on the president during his Middle East trip. Plus, House committee argues Capitol attack was premeditated

Bangkok Post

BoT can't afford to hold interest rates

Like all countries in the world, the Bank of Thailand (and Monetary Policy Committee, or MPC) believes they can run monetary policy independently based on local economic conditions.

The Conversation

Sri Lanka riots: how the tiny Indian Ocean island nation got into such a mess

The chaos in Sri Lanka has deepened after the country’s president, Gotabaya Rajapaksa, fled to the Maldives. The president and his family left Colombo on a military jet just hours before he was due to resign in the face of massive popular protests which culminated on July 9 with crowds…

Reuters

Sri Lankans' fury turns on Wickremesinghe after president flees

Ranil Wickremesinghe, who was named acting president of Sri Lanka on Wednesday as its political and economic crisis deepened, is tantalisingly close to the pinnacle of power but may not get much time to enjoy it.

Al Jazeera

Sri Lanka in crisis: What, why and how?

Unprecedented economic crisis looks to have finally toppled President Gotabaya Rajapaksa as he flees to the Maldives.

Asharq Al-Awsat

Sri Lanka: Timeline of a Crisis

Sri Lanka is mired in a deep political and economic crisis, and on Wednesday, the country's president flew out of the country days after a huge crowd of protesters stormed his residence. The island nation of 22 million people has suffered months of lengthy blackouts, acute food and fuel shortages…

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