IMF
FM Nirmala Sitharaman bats for 'responsible capitalism'
Finance Minister Nirmala Sitharaman emphasizes the need for responsible capitalism and highlights India's progress towards becoming a developed country by 2047. Addressing a roundtable in Mexico, she discusses potential collaborations, particularly in AI and near-shoring, amid contrasting growth forecasts for India and Mexico.
ONOP: Sync'n'scale up the states
Simultaneous elections can boost India's GDP by reducing logistical costs and creating certainty for investors. Reports suggest that such elections decrease the GDP dip by up to 1.5%, accounting for ₹4.5 lakh crore. States need to reform for a higher growth rate, while governance should improve beyond the continuous election cycles.
India's forex reserves fall by $10.7 billion to $690 billion
India's forex reserves contracted by $10.7 billion to $690 billion as of October 11, with foreign currency assets reducing by $10.5 billion to $602 billion. Gold reserves and SDRs also saw a dip, while the RBI continues managing market volatility to prevent steep rupee depreciation.
IMF warns low growth, less trade and debt imperil world’s future
The International Monetary Fund warns that wars, trade tensions, high debt, and low growth could extend economic stagnation, impairing poverty reduction and climate action efforts.
China weighs $853 billion debt swap to rescue local governments
China is considering allowing local authorities to issue up to 6 trillion yuan in bonds through 2027 to refinance off-balance-sheet debt. This initiative aims to support economic growth, reduce financial risks, and free up cash for local governments. However, economists argue more measures may be necessary.
IMF asks Pakistan to end preferential treatment to agriculture, textile sectors
The IMF has urged Pakistan to eliminate special protections and tax breaks for its agriculture and textile sectors. These practices have hindered economic growth for decades. Pakistan needs to redirect resources towards more technologically advanced industries to improve its competitive edge and escape cyclical economic issues.
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Remittances from Pakistanis living abroad in past 3 months match IMF's USD 7-bn bail-out package
Foreign remittances sent by Pakistanis abroad in the past three months equals the USD 7 billion IMF bailout. Remittances in September alone were USD 2.8 billion. The Pakistan Stock Exchange showed a positive trend recently. A high-powered Saudi delegation is expected to visit soon, further boosting market optimism.
Sri Lanka's painful austerity measures need to go on: IMF
Sri Lanka's new president, Anura Kumara Dissanayake, seeks to renegotiate parts of the $2.9 billion IMF bailout to lessen the burden on lower income households, while the IMF stresses the importance of maintaining economic reforms that have helped revive growth and reduce inflation.
Sri Lanka's new government says "committed" to IMF's bailout package, hopes of renegotiating conditions
The new Sri Lankan government, led by President Anura Kumara Dissanayake, is committed to the IMF's USD 2.9 billion bailout package. They plan to renegotiate some conditions. The government is keen on exploring alternative revenue-raising means. Talks with the IMF team were described as useful and the positive changes in Sri Lanka were appreciated by the IMF delegation.
Bidding for Pakistan's National Airline delayed to Oct 31: Report
Bidding for Pakistan's national airline has been postponed to October 31 at the bidders' request for more preparation time. Six parties, including Fly Jinnah and Airblue Ltd, are pre-qualified. The government aims to sell 51-100% of the struggling airline as part of IMF-prompted reforms. Pakistan has been struggling with economic crisis for a long time.
Cash-strapped Pakistan cuts 150,000 jobs, dissolves 6 ministries as part of IMF deal
Pakistan has announced significant administrative reforms, including the elimination of 150,000 government posts and the closure of six ministries. These measures are part of an agreement with the IMF under a USD 7 billion loan deal aimed at reducing expenditures and increasing tax revenues. The country aims to formalize its economy and join the G20.
China invests in Pakistan: MoUs signed in textile, technology, agriculture sectors
Chinese companies have signed multiple MoUs with Pakistani counterparts in sectors like textile, technology, agriculture, and livestock at a Business Roundtable Conference in Beijing. The event saw 25 major Chinese firms express interest in investing in Pakistan. Meanwhile, the IMF has approved a $7bn loan for Pakistan, which owes significant debt to China.
Pakistan will face 'transitional pain,' says Finance minister as IMF approves $7 billion loan
Pakistan's Finance Minister Muhammad Aurangzeb has warned of 'transitional pain' following a $7 billion loan agreement with the IMF. The government has pledged structural reforms to ensure this is the last IMF program. The loan, Pakistan's 25th since 1947, aims to support economic stability and growth.
The IMF approves a $7 billion loan for Pakistan, which will get $1 billion immediately
The International Monetary Fund has approved a $7 billion loan for Pakistan, to be disbursed over 37 months. The loan aims to boost Pakistan's economy, with an immediate disbursement of $1 billion. The IMF praised Pakistan's economic steps but highlighted ongoing challenges such as a narrow tax base and insufficient spending on health and education.
Pakistan says the IMF has approved a $7 billion loan
The International Monetary Fund has approved a $7 billion loan for Pakistan, to be disbursed over 37 months. This decision follows more than two months of negotiations and is aimed at revitalizing Pakistan's struggling economy. Prime Minister Shehbaz Sharif expressed gratitude to the IMF and friendly nations like China for their support.
Sri Lanka to restart talks with IMF immediately: President
Sri Lanka's new president, Anura Kumara Dissanayake, has called for immediate talks with the IMF to renegotiate a $2.9 billion bailout. The bailout had helped stabilize the economy but imposed austerity measures. Dissanayake aims to reverse tax hikes, raise public servant salaries, and secure more concessions for the cash-strapped nation.
Economic reforms supported by IMF deal to increase growth in Pakistan, says ADB
The Asian Development Bank reports that Pakistan's economic reform agenda, supported by the IMF, is set to boost growth and ease inflation. A new USD 7 billion aid package aims to stabilize the economy, though risks remain due to external financing needs and potential policy lapses.
Sri Lanka President Dissanayake picks Harini Amarasuriya as PM
Sri Lanka's new president, Anura Kumara Dissanayake, has appointed Harini Amarasuriya as the new prime minister. Amarasuriya, a college professor and first-time lawmaker, is the third woman to hold this position in the nation's history. The new cabinet faces significant challenges, including potential tax cuts and revisiting an IMF bailout.
How Sri Lanka’s new leader moved from Marxist rebellion to mainstream
Anura Kumara Dissanayake, once part of a Marxist-Leninist party, has been elected as Sri Lanka's president. His victory signifies a shift from traditional political families and reflects public discontent. Dissanayake aims to renegotiate IMF loan conditions to ease the burden on the poor while balancing international relations with India and China.
What are the key challenges for Sri Lanka President Dissanayake?
Sri Lanka has elected Anura Kumara Dissanayake as its new president. He faces significant challenges, including economic recovery, debt restructuring, and taxation reforms. Dissanayake aims to revamp state companies, create jobs, and expand welfare schemes while balancing geopolitical ties with India and China.
Marxist politician Anura Kumara Dissanayaka set to become Sri Lanka's next president
Sri Lanka's main Marxist politician, Anura Kumara Dissanayaka, leads the presidential election, likely becoming the first leftist head of state. With 58% of postal ballots counted, his victory seems certain. Rival Namal Rajapaksa has conceded. Economic issues dominated the campaign amid ongoing hardships from a past economic crisis.
Anura Dissanyaka declared Sri Lanka's next president-elect
Anura Kumara Dissanayaka, a former fringe Marxist leader, has been elected President of Sri Lanka amid widespread discontent over the country's handling of a severe financial crisis. Dissanayaka secured 42.31% of the vote, surpassing opposition leader Sajith Premadasa and incumbent Ranil Wickremesinghe. Economic issues dominated the campaign, with Dissanayaka pledging to renegotiate the IMF deal and reduce taxes.
Lankans vote for a President to steer nation post 2022 collapse
Sri Lanka voted for its next president amid an unpopular IMF austerity plan following a financial crisis. President Ranil Wickremesinghe seeks a fresh mandate to continue economic measures, facing strong challenges from Anura Kumara Dissanayaka and Sajith Premadasa. Turnout was nearly 70% before polling stations closed.
Economy on centre stage, as Sri Lanka set to vote today in first polls since 2022 crisis
Sri Lanka is set for its first elections since the 2022 economic crisis, with the economy as the central issue. Incumbent President Ranil Wickremesinghe faces challenges from Anura Kumara Dissanayake and Sajith Premadasa. Polls show Dissanayake leading, followed by Premadasa and Wickremesinghe. The crisis had led to food and fuel shortages and political upheaval.
Jordan's King Abdullah appoints U.S.-educated technocrat as PM, royal court says
Jordan's King Abdullah has appointed Jafar Hassan as the new prime minister following the government's resignation. Hassan, a respected technocrat, faces challenges including the impact of the Gaza war on Jordan's economy. The Islamist opposition made gains in recent elections, potentially influencing future reforms and policies.
Sri Lanka to lift ban on vehicle imports by February 2025
Sri Lanka will lift its vehicle import restrictions in phases starting October 1, as part of efforts to restore economic normalcy. The phased approach, tied to the IMF's Extended Fund Facility Programme, will allow public transport vehicles first, followed by commercial vehicles in December, and private motor cars by February 2025. Extra customs duties will be imposed to manage foreign exchange reserves.
Close contest on cards in Sri Lankan Presidential elections on Sep 21
Incumbent President Ranil Wickremasinghe is fighting an uphill battle. However, can still close the gap and win the polls in the second preference vote. Mahinda Rajapaksa’s son Namal is the other main contender, but may not stand a chance in this election, according to observers of Lankan elections.
Donald Trump pledges '100% tariff' for countries that shun dollar
The statement follows months of discussions between Trump and his economic advisers on ways to penalise allies or adversaries who seek active ways to engage in bilateral trade in currencies other than the dollar. Options have included export controls, currency manipulation charges and tariffs, people familiar with the matter have previously told Bloomberg News.
Renegotiating debt terms can lead to further economic instability: Sri Lankan foreign minister
Foreign Minister Ali Sabry warned against renegotiating Sri Lanka's Debt Sustainability Agreement, claiming that it could jeopardize an upcoming IMF tranche and subsequent disbursements from the World Bank and the Asian Development Bank, leading to economic instability. Sri Lanka is recovering from severe economic turmoil and a historic sovereign default.
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