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The Latest Breaking News from International Monetary Fund

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

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

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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.

Reuters

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.

The Conversation

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.

Reuters

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 Independent UK

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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

The Guardian - UK

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.

Bangkok Post

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…

The Conversation

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.

Reuters

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.

Al Jazeera

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…

Asharq Al-Awsat

Sri Lankan protesters party in the president's mansion as he flees the country

Protesters in Sri Lanka who spent the weekend occupying the president's palace have now entered and torched the prime minister's private mansion as well.

WEKU

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Reuters

Explainer: How Sri Lanka spiralled into crisis

Sri Lanka's economic crisis looks to have finally toppled President Gotabaya Rajapaksa.

Reuters

IMF, World Bank to return to in-person annual meetings in October

The International Monetary Fund and World Bank said on Tuesday they will hold 2022 annual meetings fully in person in October, marking their first major gatherings to return to pre-pandemic conditions since October 2019.

Reuters

IMF's Georgieva says Zambia, Ethiopia, Chad creditor committees to meet soon

Creditor committees for the debt restructurings of Zambia, Ethiopia and Chad are all expected to meet within the next 10 days, International Monetary Fund Managing Director Kristalina Georgieva said on Tuesday.

Bangkok Post

Sri Lanka misses a leader as bailout slips further away

Investors are shifting their focus to Sri Lanka’s bilateral creditors as the resignations of President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe dim prospects for rapid aid from the International Monetary Fund (IMF).

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The Times of India

Sri Lanka's fallen Rajapaksa dynasty is already planning its next comeback

COLOMBO: For years, Sri Lanka's Rajapaksa dynasty ruled the island nation with an iron fist, striking fear into political opponents, journalists and other perceived threats to their power. Now protesters are chasing them out of their homes, and out of power.

The Times of India

Petrol price hike, raising power tariffs: What Pakistan needs to do to obtain IMF loan

NEW DELHI: The economic crisis in Pakistan has posed severe challenges for the government as it grapples with high inflation, sliding forex reserves, a widening current account deficit and a depreciating currency.

Reuters

Chad creditors to meet this week; IMF calls on Glencore to 'step forward'

Chad's official creditor committee will meet this week amid growing pressure from the International Monetary Fund and others for progress on the country's request for debt restructuring, two sources briefed on the matter said.

Asharq Al-Awsat

IMF’s Georgieva Warns against ‘Complacency’ on Global Debt Problems

IMF Managing Director Kristalina Georgieva is pushing China and other Group of 20 economies to speed up debt relief for a growing number of heavily indebted countries, warning that failure to do so could unleash a damaging "downward spiral." Georgieva told Reuters it was crucial to jumpstart the largely stalled…

The Guardian - UK

Sri Lankan opposition parties plan unity government after president quits

Prime minister as well as Rajapaksa will step down after months of protests culminated in attacks on their homes

Al Jazeera

Sri Lanka protesters staying put until president, PM leave office

Thousands occupying the presidential palace are determined to stay until both the president and PM step down officially.

Al Jazeera

Sri Lanka crisis: How did we get here and what comes next?

Protesters occupying government buildings say they will remain until the president and the prime minister step down.

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