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The Latest Breaking News from International Monetary Fund

IMF executive board approves $638 million for Benin

The International Monetary Fund's (IMF) executive board has approved a $638 million extended fund and extended credit facility for Benin under a 42-month arrangement to help the West African nation address pressing financing needs, the IMF said in a statement late on Friday.

Reuters

Sri Lanka leader flees amid protests over food, fuel shortages

Sri Lanka's President Gotabaya Rajapaksa fled his official residence in Colombo Saturday, according to defence sources, as protesters stormed his compound to demand his resignation. Earlier, the government declared bankruptcy amid the country's worst food and fuel crisis since independence in 1948.

Radio France Internationale

Why Ghana has returned to the IMF

Hundreds took to the streets of Ghana's capital Accra last week to protest over its deteriorating economy. Days later, the government of one of West Africa's most prosperous nations announced it would begin formal talks with the International Monetary Fund (IMF) for support.

Reuters

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Sri Lanka's PM Wickremesinghe challenges JVP leader Dissanayake to revive country's economy in 6 months

Sri Lanka's Prime Minister Ranil Wickremesinghe on Tuesday challenged Janatha Vimukthi Peramuna (JVP) leader MP Anura Kumara Dissanayake to revive the country's economy in six months.

Dynamite News

Sri Lanka PM says talks with IMF difficult due to bankruptcy

Sri Lanka’s prime minister says the country's talks with the International Monetary Fund are proving complex and difficult since it is now a bankrupt nation

The Independent UK

I can turn around Sri Lanka’s economy: PM Ranil Wickremesinghe

Sri Lanka’s newly appointed prime minister says it will take one and a half years to stabilise the crisis-hit economy.

Al Jazeera

Pakistan: how an economic crisis has sent prices rocketing

Pakistan’s current economic struggles exemplify the little fires everywhere set alight across the global economy by a war during a pandemic. Like others in countries dependent on imported commodities — for example Ghana and Sri Lanka — Pakistanis are seeing food and fuel prices soar. Foreign exchange reserves – used…

The Conversation

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With no fuel and no cash, Sri Lanka grinds to a halt

Less than a day’s worth of fuel remains, says the energy minister, as the cash-strapped nation extends school closures.

Al Jazeera

Crisis to crisis: What Asia learned from the financial chaos of 1997

Twenty-five years ago this month marked the beginning of economic, political and financial market turmoil that would become known as the Asian Financial Crisis. Currencies and stock markets tumbled. Governments were overthrown. Poverty rates soared.

Bangkok Post

IMF Delegation Visits Tunisia Monday to Start Loan Negotiations

A delegation from the International Monetary Fund will visit Tunisia on Monday to start negotiations over a loan program, a central bank official told Reuters on Friday. The official added that the start of talks comes after the completion of technical talks between the IMF and Tunisia. Tunisia, which is…

Asharq Al-Awsat

Some IMF staff work 'unduly influenced' despite strong safeguards - report

Nearly 20% of International Monetary Fund staff say their work has been "unduly influenced" by supervisors, according to an internal survey released on Thursday as part of a review of data integrity standards that generally found "robust mechanisms" for institutional governance.

Reuters

IMF concludes 'constructive' bailout talks with Sri Lanka as protests continue

The International Monetary Fund has concluded "constructive" talks with the government of Sri Lanka over a possible bailout. The island is facing its worst economic crisis on record, with protests over food, fuel and medicine shortages. Also on the show: why France is faring better than its neighbours when it…

France 24

Sri Lanka makes progress towards IMF support - IMF

The International Monetary Fund said its talks with crisis-hit Sri Lanka had been "constructive" on Thursday, raising hopes it would soon grant preliminary approval for a desperately needed financial support package.

Reuters

IMF says Haiti staff-monitored program may lead to loan deal

The International Monetary Fund said on Wednesday its management had approved a staff-monitored program for Haiti to establish a track record of policy implementation that could lead to an IMF-supported loan program.

Reuters

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Al Jazeera

As Sri Lanka economic crisis worsens, daily wage workers struggle

Government restricting sale of fuel for essential services means less work for people who survive on daily wages.

The Independent UK

Gas lines and scuffles: Sri Lanka faces humanitarian crisis

Sri Lanka’s economy, which a few years ago enjoyed strong growth that provided jobs and financial security, is now in a state of collapse, dependent on aid from India and other countries as its leaders desperately try to negotiate a bailout with the International Monetary Fund

Asharq Al-Awsat

Sri Lanka Stops Fuel Supply to Non-essential Services as Crisis Worsens

Sri Lanka will shut schools and only allow fuel supplies to services deemed essential like health, trains and buses for two weeks starting Tuesday, a minister said, in a desperate attempt to deal with a severe shortage. Sri Lanka is suffering its worst economic crisis, with foreign exchange reserves at…

Asharq Al-Awsat

Central Bank Chiefs Meet to Discuss Inflation Challenge

Central bank chiefs and economists gather Monday evening at their annual forum in southern Portugal to discuss the best approach to the inflationary challenges exacerbated by Russia's invasion of Ukraine. Some 200 delegates will attend the ECB Forum on Central Banking at a luxury hotel in Sintra, west of Lisbon,…

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Asharq Al-Awsat

Lebanon’s Rahi Urges Politicians to Form Government Swiftly

Lebanese Maronite Patriarch Beshara al-Rahi urged fractious politicians on Sunday to speed up the formation of a government to allow authorities to prepare for presidential elections due before the end of October. Najib Mikati was nominated premier for a fourth time on Thursday after securing the support of 54 of…

Reuters

Lebanon’s top Christian cleric urges politicians to form government

Lebanon's top Christian cleric urged fractious politicians on Sunday to speed up the formation of a government to allow authorities to prepare for presidential elections due before the end of October.

Reuters

Costa Rica asks IMF for $700 million from new sustainability trust

Costa Rica has told the International Monetary Fund (IMF) it is interested in obtaining a nearly $700 million loan to invest in infrastructure from a newly created fund, the Central Bank said.

Asharq Al-Awsat

IMF's Georgieva Says 'Some Pain' May be Necessary to Fight Inflation

The head of the International Monetary Fund on Friday underscored the importance of fighting inflation now to shore up the prospects for economic growth in the future, warning that doing so could cause "some pain" to consumers in the short run. "Success over time (in lowering prices) will be beneficial…

Reuters

IMF board concludes reviews for Ecuador, unlocking $1 billion

The International Monetary Fund executive board said Friday it had concluded its fourth and fifth reviews for Ecuador's 27-month Extended Fund Facility (EFF), allowing for the immediate disbursement of about $1 billion.

The Guardian - UK

There’s a simple way to unite everyone behind climate justice – and it’s within our power

Cancelling poor nations’ historic debts would allow their governments to channel money into climate adaptation, says Guardian columnist George Monbiot

Asharq Al-Awsat

Lebanon: Mikati Named PM, Urges Action to Secure IMF Deal

Lebanon's Najib Mikati was named prime minister on Thursday, urging fractious politicians to set aside differences to secure an IMF deal which he said was the only chance to save the country from financial collapse. Facing a politically difficult path to agreeing on a new cabinet, Mikati who led three…

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