IMF Managing Director Kristalina Georgieva is pushing China to speed up debt relief. Western officials are stepping up criticism of the G20 Common Framework process. Nearly two years of glacial progress were blamed largely on foot-dragging by China. IMF Managing Director Kristalina Georgieva is pushing China and other Group of 20 economies to accelerate obligation … Read more
Joe Biden’s administration reviewed the removal of some tariffs on China and a possible pause on the federal gas tax. Top officials say the U.S. struggles to tackle soaring gasoline prices and inflation. Janet Yellen says some tariffs served “no strategic purpose” under Donald Trump. President Joe Biden’s organization is inspecting the evacuation of certain … Read more
School closures all through the pandemic have set again children’s mastering in lots of G20 nations and will have a long-lasting negative impact on GDP in superior economies, the IMF stated Tuesday. Recent tests of schoolchildren display that sizeable virtual learning throughout the Covid-19 pandemic led to decrease instructional ranges in India, Germany, the UK, … Read more
After seeing pictures of the Russian leader, one commenter said his head looked so “bloated” that it seemed to be “photoshopped onto his frame”. This came after Putin seemed in a virtual safety council assembly. Reacting to the video, one commenter said: “His face and head look so bloated, especially his cheeks and around the … Read more
A UN task committee warns that Russia’s conflict in Ukraine threatens to ruin several developing nations’ economies, already struggling with rising food and energy costs. The battle was “supercharging” food, energy, and financial crises in impoverished nations already dealing with the Covid-19 pandemic, climate change, and a lack of proper funds for economic recovery, according … Read more
Oil rates may have met their match — for now, at least. Crude futures are tumbling yet again, sinking around 3%. After nearing $140 a barrel at the beginning of March and topping $120 as for last two weeks ago, Brent futures have loosened in nearly a straight line and now sit just a hair above … Read more
LONDON: Britain’s economy grew by a record 7.5 per cent last year on easing Covid curbs after a pandemic-driven collapse, official data showed, but analysts warned that sky-high inflation clouds the 2022 outlook. The expansion, which was the fastest since records began in 1948, followed a record 9.4 per cent slump in 2020, the Office … Read more
WASHINGTON: For most of last year, investors priced in a temporary rise in inflation in the United States given the unsteady economic recovery and a slow unravelling of supply bottlenecks. Now sentiment has shifted. Prices are rising at the fastest pace in almost four decades and the tight labor market has started to feed into … Read more
LONDON: Britain’s unemployment rate dropped and payrolls recovered further at the end of last year despite the onset of the Omicron variant, official data showed on Tuesday. The unemployment rate fell to 4.1 per cent in the three months to the end of November, from 4.2 per cent in the quarter ending in October, the … Read more
WASHINGTON: In 2016, the discovery of two large, previously unreported loans sparked an economic crisis in Mozambique. Donor support to the country froze. The government was forced to make deep cuts in public spending. More recently, when Chad and Zambia asked to restructure their debt under the G-20’s Common Framework for Debt Treatments, they ran … Read more
JAKARTA: Indonesia, the world’s largest thermal coal exporter, said it will allow some operators to resume shipping out the commodity, a senior minister said on Thursday, pointing to a relaxation of a ban decreed on January 1. Thirty-seven vessels loaded with coal have already been released for export as of Wednesday, according to a statement … Read more
WASHINGTON: Emerging economies should gird for possible rough times as the US Federal Reserve prepares to raise interest rates and world economic growth slows because of the Omicron variant of Covid-19, the IMF warned on Monday. The International Monetary Fund, which is scheduled to release updated economic forecasts on January 25, said that for now global … Read more
Global debt went up by the highest one-year jump in 2020 since World War II to reach a record $226 trillion, Arab News quoted the International Monetary Fund, as saying in a blog posting. This came as countries grappled with the pandemic and a significant recession. The IMF indicated that the surge in debt was justified to … Read more
RIYADH: Gulf Cooperation Council countries’ economies are expected to have grown by a cumulative 3.1 per cent in 2021, reversing a 5.2 per cent decline last year, Arab News quoted a recent report by the GCC Statistical Centre. The predicted expansion in output is attributed to higher oil output, particularly in the fourth quarter. The elimination of … Read more
RIYADH: The Saudi capital is a global city, where a third of its residents are non-Saudis, and plans are afoot to transform Riyadh into one of the top-10 city economies of the world by 2030, Fahd Al-Rasheed said. The chief executive officer of the Royal Commission for Riyadh City highlighted the rapid transformation and ongoing … Read more
ISLAMABAD: The Asian Development Bank (ADB) on Tuesday projected higher inflation in Pakistan, compared with other regional countries and revised down the economic growth outlook for developing Asia slightly to 7 per cent this year and 5.3 per cent next year. The ADB revised the projections after renewed outbreaks of the coronavirus (Covid-19) led to … Read more
ISLAMABAD: Pakistan and Indonesia trade and goods agreement is being negotiated and is likely to be implemented soon for increased trade activities, a diplomat said. Preferential Trade Agreement (PTA) already exists between the two countries and the Free Trade Agreement (FTA) is also being reviewed, Indonesian Ambassador to Pakistan Adam Mulawarman Tugio said this, while … Read more
KARACHI: State Bank of Pakistan (SBP) Governor Dr Reza Baqir has highlighted the issues and challenges of cyber-security faced by the banks, a statement said. He highlighted the issues in his keynote speech at the Islamic Financial Services Board (IFSB). Malaysia organised the 13th Public Lecture Series on the theme of “Sustainability and Cyber Resilience” … Read more
MOSCOW: Russians looking to indulge in their traditional winter holiday treat of red caviar will be disappointed this year, as prices have hit historic highs, official figures showed on Monday. With Russia battling surging inflation, state statistics agency Rosstat said the market price for one kilogramme of red fish roe has surpassed the 5,000 rouble ($68, … Read more
