After visiting Ukraine on Wednesday, European Council President, Charles Michel said there were “no words” to describe how he felt, adding that Russia “must be punished” for the events there. Michel said, “There are no words in order to explain what I feel, not as the President of the European Council, but as a father, as … Read more
International Monetary Fund Managing Director, Kristalina Georgieva said on Wednesday that Ukraine’s Ministry of Finance estimated that it will take $5 billion a month to keep the economy functioning. She said, “We have been engaged very closely with the Ministry of Finance on the estimates they have provided or what would be necessary to retain … Read more
The International Monetary Fund said Wednesday that it has pushed cash-strapped Sri Lanka to “restructure” its large foreign debt before finishing a rescue package, as anti-government demonstrations rose in intensity around the island. This week, Sri Lanka began negotiations with the International Monetary Fund (IMF) in Washington, DC, after reporting its first-ever foreign debt default. … Read more
Protests against a draft capital control bill were conducted in Beirut on Tuesday, as parliamentary committees debated the proposed legislation. Formal capital controls are a policy suggestion of the International Monetary Fund, and Lebanon intends to gain IMF assistance following the collapse of the country’s financial system in 2019, crippling the banking sector and locking … Read more
Sri Lanka police shot lifeless one guy and wounded 10 others on Tuesday in the first fatal conflict with demonstrators protesting the island nation’s crippling economic disaster. The island country is within the grip of its most painful monetary downturn given its independence in 1948, with intense shortages of important items together with gasoline and regular blackouts … Read more
The risk of deglobalization that splits countries into divided blocs may want to undermine many years of profits in dwelling requirements and boom, an IMF reputable warned Tuesday. While no longer an immediate danger “we see this as an extreme threat,” IMF leader economist Pierre-Olivier Gourinchas stated. He spoke in the beginning of the IMF … Read more
US Treasury Secretary Janet Yellen warned Rising food charges which have been driven even higher through Russia’s invasion of Ukraine could pressure upwards of 10 million humans into poverty, on Tuesday. Moscow’s invasion of its neighbor and retaliatory sanctions imposed by the West starting in past due February have brought on a spike in crude … Read more
Russia’s invasion of Ukraine has rocked markets and triggered nations to impose retaliatory measures that would hurt the global economic system, however, no economic crisis has materialized, the IMF said Tuesday. In its present-day Global Financial Stability Report, the Washington-primarily based crisis lender said Moscow’s assault on its neighbor is “no longer a globally systemic … Read more
European stock markets the majority of time fell Tuesday, as the impact of the Ukraine war spread with the IMF slashing its world’s growth forecasts. Wall Street became up, with the three primary indices reporting rises of round zero. Eight percentage after starting, a marked alternate from Monday when markets have been decreasing over issues … Read more
Washington: Even though the globe faces economic challenges as a result of several waves of the COVID-19 epidemic, the International Monetary Fund (IMF) has lauded India’s strong economy while emphasising the structural changes implemented by the government in recent years. After meeting with Finance Minister Nirmala Sitharaman in Washington DC on Monday (local time), IMF … Read more
Colombo: Sri Lanka’s finance minister’s aide stated on Tuesday that the country had requested immediate financial assistance from the International Monetary Fund (IMF) and that the global lender could accept it after an initial reluctance. Island residents have taken to the streets to express their displeasure with the government’s handling of their finances and rising … Read more
Debt accumulated by means of corporations and people worldwide could gradual economic recoveries from the pandemic disaster, the IMF warned Monday. Governments took great measures to assist their economies as Covid-19 unfold two years ago, consisting of rolling out debt repayment suspensions or offering large-scale loans. But those programs led to higher debt stages for … Read more
US Treasury Secretary Janet Yellen this week will name on her opposite numbers to ramp up the monetary pain on Moscow over its invasion of Ukraine, a senior Treasury legit stated Monday. Yellen will participate within the spring conferences of the IMF and World Bank, as well as gatherings of finance officers from the G7 … Read more
KARACHI: Pakistan’s banks operating in Sri Lanka are in hot waters as their exposures of around Rs26.78 billion are at stake due to the worsening economy of the country. Analysts at Arif Habib Limited said that some of the Pakistani banks are exposed to the Sri-Lankan economy either through branch banking or investments in the … Read more
COLOMBO: Sri Lanka’s leader dropped two of his brothers and a nephew from his cabinet Monday, following public anger over the governing family’s treatment of a debilitating economic crisis and calls for his resignation. Presiding over the island nation’s most painful downturn in memory, President Gotabaya Rajapaksa is preparing to meet with the International Monetary … Read more
COLOMBO: The Sri Lankan government sent a delegation to the International Monetary Fund (IMF) on Sunday to discuss ways to obtain loans from the lender. Finance Minister Ali Sabry and Central Bank Governor Nandalal Weerasinghe are part of the delegation. Next week, the delegation will travel to Washington, DC, to meet with IMF officials. They … Read more
Washington: Volodymyr Zelensky, Ukraine’s president, stated on Sunday that he met with IMF managing director Kristalina Georgieva regarding Ukraine’s financial stability and the country’s post-war reconstruction on Sunday. “Discussed with IMF Managing Director Georgieva the issue of ensuring Ukraine’s financial stability & preparations for post-war reconstruction. We have clear plans for now, as well as … Read more
New York: According to UN Secretary-General Antonio Guterres, the Ukraine situation might cause 1.7 billion people to go hungry. “We all see the tragedy unfolding in Ukraine. But beyond its borders, the war has launched a silent assault on the developing world. The crisis could plunge up to 1.7 billion people, more than a fifth … Read more
Kyiv: Ukrainian Prime Minister Denys Shmyhal and top finance officials will visit Washington next week for IMF and World Bank spring meetings, sources said Friday. In addition to bilateral meetings, Shmyhal, Finance Minister Serhiy Marchenko, and Central Bank Governor Kyrylo Shevchenko are expected to attend a World Bank-hosted roundtable on Ukraine on Thursday. Until Thursday, … Read more
According to a letter obtained by Reuters, Russia has requested Brazil for assistance in the International Monetary Fund, the World Bank, and the G20 group of leading nations in order to overcome crushing sanctions imposed by the West since it invaded Ukraine. Russian Finance Minister Anton Siluanov wrote to Brazil’s Economy Minister Paulo Guedes, requesting … Read more
The International Monetary Fund (IMF) is ready to help Pakistan in its efforts to go off a looming balance of fee crisis and endorse roadmaps toward monetary sustainability together with the new authorities, The News mentioned Friday. Speaking to The News, IMF’s Resident Chief in Pakistan Esther Perez Ruiz stated: “The IMF congratulates [Shehbaz] Sharif on turning into … Read more
The International Monetary Fund’s (IMF) chief has warned that the Ukraine crisis is jeopardizing the global food supply, despite historically high inflation. Kristalina Georgieva, Managing Director of the International Monetary Fund, said the consequences of Russia’s invasion were adding to rising food prices globally, and risking food shortages in the Middle East and Africa. “Grain … Read more
WASHINGTON: The introduction of a special new account by the International Monetary Fund (IMF) to allow bilateral donors and international organisations a secure route to transmit financial resources to war-torn Ukraine was welcomed by Ukraine’s finance minister on Monday. After the Canadian government proposed disbursing up to $1 billion Canadian dollars through the vehicle, which … Read more
The Ukraine war continues to have an influence on the global economy, with the World Bank predicting that the war-torn country’s GDP will collapse by 45.1 percent in 2022. The Bank also issued a warning, predicting an even bleaker economic picture, considerably worse than the 10-35 percent drop predicted by the IMF last month. According … Read more
Costa Rica’s president-elect, Rodrigo Chaves, stated Monday, a day after being elected as the Central American country’s next president, that the country’s arrangement with the IMF will be improved. He was alluding to a loan agreement negotiated between the International Monetary Fund (IMF) and the departing administration for more than $1.7 billion. “The IMF does … Read more
Institutional support on the likely accord with the International Monetary Fund (IMF) this week after the seventh review under the Extended Facility Fund (EFF), a slump in the global crude oil prices and easing economic uncertainty played a catalyst role in the bullish close,” Ahsan Mehanti at Arif Habib Corp said. The Pakistan Stock Exchange … Read more
KARACHI: The frequent International Monetary Fund (IMF) programmes complexes the policy making for the country, an official said on Monday. Federal Board of Revenue Chairman Muhammad Ashfaq, while addressing the members of the Karachi Chamber of Commerce and Industry (KCCI) said that Pakistan has entered into the IMF programmes several times resulting in complex policy … Read more
KARACHI: The government has been disincentivising investments in the Pakistan Stock Exchange (PSX) compared with the real-estate and construction sector, an official said. PSX Managing Director Farrukh M Khan while speaking at Karachi Press Club, said that the stock market investors demand a level playing field where they could carry on business activities. “The PSX … Read more
