INTERNATIONAL MONETARY FUND
Egypt's middle class cuts costs as IMF-backed reforms take hold
Egypt's middle class is facing an unprecedented economic crisis, with many struggling to afford basic necessities. IMF-backed reforms, including fuel price hikes and subsidy cuts, have eroded purchasing power, forcing families to make difficult choices. While officials acknowledge the public's plight, economists believe the reforms, though painful, are necessary for long-term economic stability.
Pakistan's tax shortfall, delay in materialising foreign loans major concerns in implementation of USD 7 billion loan: IMF
The IMF has raised concerns over Pakistan's struggle to meet the terms of its USD 7 billion loan package. Key issues include a tax revenue shortfall, delays in securing foreign loans, and discrepancies between provincial and federal tax laws, particularly in Punjab's agriculture sector.
China trade war is one Trump doesn¡¯t have to fight
Eight years on from the first Trump shock, the global picture is quite different. There¡¯s no longer envy of China, nor the belief in some secret sauce that made its performance superior. America is the contemporary star.
IMF to assess Pakistan's external financing needs during performance review discussions: Report
The IMF is sending a team to Pakistan next week. The team will discuss Pakistan's progress in securing billions of dollars in loans. Pakistan needs these loans to address a financing gap. The IMF approved a USD 7 billion package for Pakistan in September. Pakistan had planned to raise USD 3.2 billion in additional loans.
Company registrations on downhill trek, down 22% in October
LLP incorporations-which had surged consistently in each month since last fiscal, barring May, defying the high base-dipped 12.4% in October from a year before, the data showed. The number of registrations had increased 16.3% for companies and 62.7% for LLPs in 2023-24 to touch record levels, as investors had remained bullish over robust economic growth prospects and strong stock markets.
Pakistan central bank cuts key rate by 250 bps to 15%
Pakistan's central bank has slashed its key policy rate for the fourth consecutive time since June, lowering it by 250 basis points to 15%. This move aims to stimulate the country's struggling economy as inflation shows signs of easing. Inflation has dropped significantly from its peak of nearly 40% in May, reaching 7.2% in October.
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Russia fines Google more than Earth¡¯s entire wealth: Can the tech giant avoid paying?
A Russian court has fined Google an astronomical $20 decillion for blocking Russian state channels on YouTube, marking one of the highest penalties ever imposed globally. The fine, which significantly exceeds the world¡¯s GDP, has escalated as Google refused to lift restrictions on specific Russian media. The case, rooted in Google¡¯s decision to block Russian state-linked channels, reflects the growing tension between tech companies and governments on content regulation.
Diwali celebration: 'Om Jai Jagdeesh Hare' played at White House festivities, IMF's Gita Gopinath praises
Gita Gopinath shared a video of the White House military band playing 'Om Jai Jagdeesh Hare' during Diwali celebrations. The event honored Indian Americans' contributions and featured traditional decorations and attire. President Joe Biden and First Lady Jill Biden hosted their final Diwali celebration, highlighting the festival's significance.
Pakistan's effort to privatise national airline gets sole bidder offering lower than govt-set minimum price
Pakistan's attempt to privatise Pakistan International Airlines drew minimal interest. Only Blue World City made a bid of Rs 10 billion for a 60 per cent stake, much lower than the Rs 85 billion minimum set by the government. This move is part of a deal with the IMF to support Pakistan's economy.
Saudi Arabia's Q3 GDP grows by estimated 2.8% y/y
Saudi Arabia's economy grew 2.8% in the third quarter year on year, driven by a 4.2% rise in non-oil activities. Despite a 0.3% growth in the oil sector, overall economic growth remains subdued due to lower oil prices and production. Efforts are ongoing to enhance non-oil GDP under Vision 2030 strategy.
Spain opens its doors to China as a European trade war looms
The European Union is imposing tariffs on Chinese electric vehicles, while Spain remains cautious but engages in joint ventures to utilize advanced Chinese technology.
Charting the global economy: IMF lowers global growth forecast
The cuts to the loan prime rate ¡ª which is set by a group of big Chinese banks ¡ª come after the PBOC outlined steps last month to encourage households and companies to borrow money.
Finance Minister Sitharaman urges G7, G20 nations to intensify support for African nations
Union Finance Minister Nirmala Sitharaman called on G7 and G20 nations to boost support for Africa, emphasizing India's commitment in infrastructure and healthcare. Speaking at the G7 African Ministerial Roundtable, she stressed the need for affordable financing and structural reforms to achieve the Sustainable Development Goals. Sitharaman also met IMF's Gita Gopinath and discussed India's economic outlook.
'Fair' and 'accurate' sovereign ratings: What Nirmala Sitharaman said to agencies at IMF meet
Union Finance Minister Nirmala Sitharaman urged for fair and accurate sovereign ratings for emerging markets and developing economies at the IMF's 2024 Annual Meeting. She emphasized that ratings should reflect economic fundamentals and improve access to capital. Sitharaman also called for governance reforms in global institutions and highlighted persistent global economic risks like geopolitical tensions and weak growth.
Nirmala Sitharaman highlights Global South's contributions to foundations of multilateral development banks
Union Finance Minister Nirmala Sitharaman emphasized the global significance of the Global South's contributions at the 1944 Bretton Woods conference, urging for more inclusive decision-making and innovative exchanges at the World Bank. She praised the World Bank¡¯s financial measures and stressed affordability and competitive pricing to aid middle-income countries.
Soft landing of global economy is increasingly a possibility: Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman highlights the possibility of a soft landing for the global economy due to coordinated actions among countries and multilateral institutions. She emphasizes cautious optimism as economies are stabilizing but notes trade growth remains subdued and managing fiscal deficits will be challenging.
No country, US far away or China very close to us, can ignore India, says FM Nirmala Sitharaman
While participating in a panel discussion on the ' Priorities for the Next Decade', organised by the Center for Global Development on the sidelines of the World Bank and International Annual Meetings 2024 in Washington, DC, Sitharaman stated that no country, whether US which is far away or China which is very close cannot ignore India.
International climate finance must 'grow up, step up, and scale up, to meet this moment': UN Climate chief
UNFCCC Executive Secretary Simon Stiell articulates the urgent need to step up climate finance, articulating a two-pronged approach¡ªone, within the UN process and the other, outside with the World Bank, International Monetary Fund and G20 stepping up. Reminding that COP29 must deliver on finance but must not be treated as an opportunity to renegotiate the Paris Agreement, Stiell calls on all countries and stakeholders to recognise more climate finance is in everyone¡¯s interest.
Global uncertainties push safe-haven gold to record high
Gold prices reached a record high on Wednesday due to Middle East conflicts and U.S. election uncertainty. Spot gold was at $2,746.25 per ounce. U.S. gold futures slightly increased. Bullion is a safe-haven asset gaining over 33% this year. Federal Reserve's interest rate decision is also anticipated. Silver, platinum, and palladium saw mixed results.
Lebanon to be put on financial crime watchlist this week, sources say
Lebanon is set to be grey-listed by the Financial Action Task Force due to insufficient progress on measures against financial crimes. Despite efforts by central bank governor Wassim Mansouri, the final decision will be announced at the FATF's plenary in Paris. Lebanon will receive an extended deadline for implementing necessary reforms.
New President Subianto swears in Indonesia's largest Cabinet since 1966, with 109 members
President Prabowo Subianto swore in Indonesia's largest Cabinet since 1966, with 109 members. The new Cabinet includes politicians from a coalition of seven parties and figures from the previous administration. Subianto aims for a strong administration to unite the nation. He reappointed key ministers to continue significant policies from the previous government.
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.
World Bank says 26 poorest nations in worst financial shape since 2006
The World Bank reports that the 26 poorest countries are more indebted than ever, facing increased vulnerability to natural disasters and shocks. Despite the World Bank's efforts to provide financial support, these economies are poorer than pre-pandemic levels and continue to rely heavily on IDA grants and loans.
Sri Lanka reaches debt-restructuring agreement
Sri Lanka has reached a long-delayed debt restructuring pact with its international and local sovereign bondholders. This comes after consultations with the IMF and the Official Creditor Committee. The deal is expected to provide financial relief to the struggling nation. New President Anura Kumara Dissanayake has shown willingness to accept the agreement.
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.
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.
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.
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.
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