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The Latest Breaking News from International Monetary Fund

G7 Countries to Provide $19.8 Billion in Aid to Ukraine

The Group of Seven leading economies agreed Friday to provide $19.8 billion in economic aid to Ukraine to help keep tight finances from hindering its ability to defend itself from Russia’s invasion. German Finance Minister Christian Lindner told reporters that $9.5 billion of the total amount was mobilized at meetings…

Asharq Al-Awsat

Lebanon Recovery Plan Includes Central Bank Debt Write-Off, Haircuts to Depositors

Lebanon's government foresees cancelling "a large part" of the Central Bank's foreign currency obligations to commercial banks and dissolving non-viable banks by November, according to a financial recovery plan passed by the cabinet on Friday. The document, seen by Reuters and verified as accurate by a minister, was passed by…

Asharq Al-Awsat

Pandemic and explosions worsen Equatorial Guinea prospects, IMF says

Equatorial Guinea's ailing economy has been dented by the pandemic and a series of deadly dynamite explosions in 2021 despite government efforts to mitigate the impact of these shocks on the oil-producing nation, the International Monetary Fund (IMF) said on Friday.

Reuters

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IMF extends Somalia funding to August following election

The IMF accepted the Somali government’s request for a three-month extension to examine and endorse planned reforms.

Al Jazeera

Pakistan holds bailout talks with IMF in Qatar as economy falters

The new Pakistan government is seeking the release of more funds from a $6bn rescue programme agreed with IMF in 2019.

Al Jazeera

Pakistani rupee drops to record low amid talks with IMF

Pakistan’s currency has plummeted to an all-time record low in intraday trading against the U.S. dollar amid uncertainty about the success of crucial talks between the International Monetary Fund and the government of Prime Minister Shahbaz Sharif, which is considering massive new taxation to avoid a default

The Independent UK

UN Chief Calls for 'Inclusive Government' after Lebanon Vote

UN Secretary General Antonio Guterres called on Lebanon to form an "inclusive government" to tackle the country's economic crisis, after elections held over the weekend, his office said Monday. Guterres "looks forward to the swift formation of an inclusive government that can finalize the agreement with the International Monetary Fund…

Asharq Al-Awsat

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Ukraine's president discusses need for financial support with IMF's Georgieva

Ukrainian President Volodymyr Zelenskiy said on Monday he had discussed the need for financial support for Ukraine's economy during a video conference with International Monetary Fund Managing Director Kristalina Georgieva.

Reuters

India's forex reserves fall $1.774 billion to $595.954 billion

MUMBAI: India's forex reserves declined by $1.774 billion to $595.954 billion for the week ended May 6 on the back of a fall in the core currency assets, according to Reserve Bank of India (RBI) data released on Friday.

The Times of India

Ghana to find other ways of handling debt without going to IMF - Finance Minister

Ghana's Finance Minister Ken Ofori-Atta said on Thursday the government was committed to not seeking International Monetary Fund (IMF) assistance to relieve its debt.

Reuters

Lebanon: How Will Vote Impact Crisis-hit Economy?

The Lebanese parliament voted in on Sunday will have to tackle overdue reforms required for international assistance the cash-strapped country desperately needs. After Lebanon struck a conditional deal with the International Monetary Fund for a $3 billion aid package, AFP looks at the challenges that await incoming lawmakers in a…

Asharq Al-Awsat

Tunisia Says Talks with IMF Positive, Committed to Paying Debts

Tunisian Finance Minister Sihen Boughiri said on Wednesday that initial talks with the International Monetary Fund were positive and that Tunis was committed to paying all its foreign debts. Tunisia, in the throes of a severe financial crisis, is seeking to reach a new loan deal with the IMF in…

Asharq Al-Awsat

How Sri Lanka spiralled into crisis and what happens next

The island nation is experiencing an unprecedented economic collapse that has pushed the government into a deep crisis.

Al Jazeera

US must assist with climate finance

As US President Joe Biden is due to meet with leaders from Southeast Asian countries this week at the US-Asean Summit in Washington from May 12-13, one issue on which Washington bears an enormous responsibility -- and from which Asean countries suffer enormous consequences -- will be high on the…

Bangkok Post

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Reuters

Explainer-How Sri Lanka spiralled into crisis

Sri Lanka's economic crisis has turned into deadly violence. Eight people died and over 200 were injured on Monday, the country's powerful prime minister quit and his brother, the president, is seeking ways out of the chaos.

Reuters

Somalia seeks three-month extension of its IMF support programme

Somalia's government has asked the International Monetary Fund (IMF) to extend its financial support by three months to Aug. 17, the head of the IMF's country mission told Reuters.

Benzinga

IMF Expresses Concern About Central African Republic's Adoption Of Bitcoin

According to the International Monetary Fund, the Central African Republic’s adoption of Bitcoin as legal tender poses several issues for the country and the region, reported Bloomberg. Related: A Second Country Adopts Bitcoin As Legal Tender The decision to adopt the cryptocurrency drew criticism from opposition parties and was made without consulting the…

Bangkok Post

Thai interest rate policy needs changing

On March 16, the Federal Open Market Committee (FOMC), the US equivalent of Thailand's Monetary Policy Committee, raised its policy interest rate (Fed Funds Rate) by 25 basis points from 0.00%-0.25% to 0.25%-0.50% to tame rising inflation.

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Reuters

China backs Sri Lanka's decision to work with IMF to restructure debt

China supports crisis-hit Sri Lanka's decision to work with the International Monetary Fund (IMF) to restructure its debt, Beijing's ambassador Qi Zhenhong told Sri Lankan Finance Minister Ali Sabry at a meeting on Monday.

Financial Times

The global stagflation shock of 2022: How bad could it get?

The double blow of pandemic and war has caused inflation to surge and growth to slow around the world. But experts do not expect a return to the 1970s

Reuters

UN chief calls for debt relief, post-COVID investment on W. Africa trip

U.N. Secretary-General Antonio Guterres on Sunday urged debt relief for African countries and more investment to help their economies recover from the COVID-19 pandemic and weather the impacts of the Ukraine war.

France 24

Amazon and Apple post downbeat results as inflation, supply issues bite

Amazon records its first quarterly loss since 2015 as online sales drop, while Apple warns of an $8 billion hit from the war in Ukraine and Covid-19 lockdowns in China. Also, French growth hits zero as consumer spending falls, and the IMF warns of dangers for the economies of sub-Saharan…

Al Jazeera

Pakistan has a ‘strategy’ to boost shrinking forex reserves: FM

With barely enough reserves to cover two months of imports, finance minister says it will not be the next Sri Lanka.

Reuters

IMF's Georgieva tests positive for COVID-19, has mild symptoms

International Monetary Fund Managing Director Kristalina Georgieva has tested positive for COVID-19, the IMF said on Thursday, following marathon meetings last week with global finance leaders in Washington.

The Hindu

Are freebies affecting the economic growth of India?

There are subsidies that are productive and then there are those that are wasteful

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