Pakistan's Finance Minister Ishaq Dar said on Sunday (May 28) that his government would share the details of the upcoming budget with the International Monetary Fund (IMF) to unlock stalled funds.

Pakistan's Finance Minister Ishaq Dar said on Sunday (May 28) that his government would share the details of the upcoming budget with the International Monetary Fund (IMF) to unlock stalled funds. Finance Minister Dar said he would like IMF to clear its ninth review before the budget, which would be presented in early June, as all conditions for that were already met. Speaking to Geo TV, Dar said, "They have asked for some more things again, we are ready to give that too, they say that give us budget details, we will give it to them." Dar pointed out that it would not work for Islamabad if the IMF combined the ninth and tenth review of the bailout, adding, "We will not do it, (we) see this is (as) unfair." IMF funding crucial for Pakistan The IMF funding is crucial for Pakistan as the South Asian country currently faces an acute balance of payment crisis. According to a report by the news agency Reuters early Monday, the central bank's foreign reserves have fallen as low as to cover barely a month of controlled imports. The Pakistani economy has slowed, with an estimated 0.29% GDP growth for 2022-2023. ALSO READ | Pakistan could face $18bn penalty if it doesn’t complete Iran gas project The IMF's funding of $1.1 billion to Pakistan, which is a part of the $6.5 billion Extended Fund Facility agreed in 2019, has been held up since November last year. In February this year, Pakistan hosted an IMF mission to negotiate a series of fiscal policy measures to clear the ninth review. Pak could default without an IMF bailout, warns Moody's A few weeks back, Moody's Investor Service warned that Pakistan could default without an IMF bailout as its financing operations beyond June were uncertain. Speaking to the news agency Bloomberg on May 9, Grace Lim, a sovereign analyst with Moody's in Singapore, said, “We consider that Pakistan will meet its external payments for the remainder of this fiscal year ending in June.” “However, Pakistan’s financing options beyond June are highly uncertain. Without an IMF program, Pakistan could default given its very weak reserves,” Lim added. The analyst also said that an engagement with IMF beyond June would support additional financing from other multilateral and bilateral partners, which could reduce default risk. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pakistan to share upcoming budget details with IMF to unlock stalled funds

International Monetary Fund Managing Director Kristalina Georgieva said on Tuesday she hoped the world economy would not have to wait until the 11th hour for a solution on the US&nbsp;debt ceiling.

White House and congressional Republican negotiators are seeking to resolve a months-long impasse over raising the US&nbsp;government's $31.4 trillion government debt limit, with the nation facing the risk of default in as soon as nine days.

Georgieva, speaking at a press conference in London, said a US&nbsp;default would damage both the U.S. and the global economies, representing a powerful incentive for negotiators to reach an agreement.

"We have seen historically that discussions on the debt ceiling in the United States have always been quite tense, but always resulted in solutions," she said.

"Let's see how much this will be driven to the 11th hour. Hopefully we won't have to wait that long."

Georgieva was in London to present the IMF's annual assessment of Britain's economy, which it now expects will avoid recession but continue to suffer from high inflation and muted growth in the near term.

International Monetary Fund Managing Director Kristalina Georgieva said on Tuesday she hoped the world economy would not have to wait until the 11th hour for a solution on the US debt ceiling.

International Monetary Fund Managing Director Kristalina Georgieva said on Tuesday she hoped the world economy would not have to wait until the 11th hour for a solution on the US debt ceiling. White House and congressional Republican negotiators are seeking to resolve a months-long impasse over raising the US government's $31.4 trillion government debt limit, with the nation facing the risk of default in as soon as nine days. Georgieva, speaking at a press conference in London, said a US default would damage both the U.S. and the global economies, representing a powerful incentive for negotiators to reach an agreement. "We have seen historically that discussions on the debt ceiling in the United States have always been quite tense, but always resulted in solutions," she said. "Let's see how much this will be driven to the 11th hour. Hopefully we won't have to wait that long." Georgieva was in London to present the IMF's annual assessment of Britain's economy, which it now expects will avoid recession but continue to suffer from high inflation and muted growth in the near term.

IMF chief hopes US debt ceiling deal will come before '11th hour'

Egypt is in an economic crisis, its the worst in several decades. The cash-strapped land of pyramids needs to decide whether it wants to go for another round of currency devaluation or attract investments from West Asia before securing a $3 billion IMF loan.

Egypt's IMF package hits roadblock | World Business Watch

Ghana’s Central Bank paused its steepest phase of monetary tightening after securing a 3 billion dollar lifeboat from the International Monetary Fund. It expects the downward trend in inflation to continue. Ghana has maintained the policy rate at 29.5%

Ghana's inflation rate takes a dip at 41.2% in April

In the midst of its worst economic crisis in years, ghana receives a much-needed boost with the approval of a $3 billion, three-year loan program from the international monetary fund (IMF). The loan aims to help Ghana overcome immediate policy and financing challenges, revitalize growth, and reduce the country's debt burden.

Ghana's debt drama unfolds; IMF to the rescue

Ghana on Wednesday secured a $3 billion bailout from the International Monetary Fund (IMF), as per a Reuters report.&nbsp;

"Congratulations to President @NAkufoAddo &amp; his team on the $3 billion IMF-supported program approved by our Executive Board. We stand with Ghana as it implements reforms to address the current economic and financial crisis and help build a better future for all Ghanaians," said IMF Managing Director Kristalina Georgieva in a tweet.

<blockquote class="twitter-tweet">
Congratulations to President <a href="https://twitter.com/NAkufoAddo?ref_src=twsrc%5Etfw">@NAkufoAddo</a> &amp; his team on the $3 billion IMF-supported program approved by our Executive Board. 
 
We stand with Ghana as it implements reforms to address the current economic and financial crisis and help build a better future for all Ghanaians.
— Kristalina Georgieva (@KGeorgieva) <a href="https://twitter.com/KGeorgieva/status/1658932024336326661?ref_src=twsrc%5Etfw">May 17, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The initial disbursement of approximately $600 million is crucial for Ghana's ongoing economic recovery, reports said. Another $600 million will be released in November, reports added. The remaining funds are expected to be disbursed in equal portions of $350 million every six months, subject to regular IMF reviews.

Ghana, with its economy already burdened by the COVID-19 pandemic and the Russia-Ukraine war, has implemented several tough economic measures to secure the IMF package, including tax increases and imposing losses on domestic investors.

Additionally, Ghana has obtained financial assurances from a bilateral-creditors group co-chaired by China and France, further bolstering its efforts to stabilize the economy.

The $3 billion loan program, spanning three years, seeks to replenish Ghana's foreign-exchange reserves, which have plummeted nearly 50 percent since reaching a peak in August 2021.&nbsp;The central bank significantly utilised these reserves to defend the cedi against external pressures.

While the IMF loan provides a much-needed lifeline, Ghana continues its efforts to secure additional financial support. The government is currently in talks with the World Bank for an extra $900 million of budget support over three years. Simultaneously, negotiations with Eurobond holders to restructure $13 billion of debt owed to private investors are also underway.

(With agency inputs)

Ghana on Wednesday secured a $3 billion bailout from the International Monetary Fund (IMF), as per a Reuters report. "Congratulations to President @NAkufoAddo & his team on the $3 billion IMF-supported program approved by our Executive Board.

Ghana on Wednesday secured a $3 billion bailout from the International Monetary Fund (IMF), as per a Reuters report. "Congratulations to President @NAkufoAddo & his team on the $3 billion IMF-supported program approved by our Executive Board. We stand with Ghana as it implements reforms to address the current economic and financial crisis and help build a better future for all Ghanaians," said IMF Managing Director Kristalina Georgieva in a tweet. Congratulations to President @NAkufoAddo & his team on the $3 billion IMF-supported program approved by our Executive Board. We stand with Ghana as it implements reforms to address the current economic and financial crisis and help build a better future for all Ghanaians. — Kristalina Georgieva (@KGeorgieva) May 17, 2023 The initial disbursement of approximately $600 million is crucial for Ghana's ongoing economic recovery, reports said. Another $600 million will be released in November, reports added. The remaining funds are expected to be disbursed in equal portions of $350 million every six months, subject to regular IMF reviews. Ghana, with its economy already burdened by the COVID-19 pandemic and the Russia-Ukraine war, has implemented several tough economic measures to secure the IMF package, including tax increases and imposing losses on domestic investors. Additionally, Ghana has obtained financial assurances from a bilateral-creditors group co-chaired by China and France, further bolstering its efforts to stabilize the economy. The $3 billion loan program, spanning three years, seeks to replenish Ghana's foreign-exchange reserves, which have plummeted nearly 50 percent since reaching a peak in August 2021. The central bank significantly utilised these reserves to defend the cedi against external pressures. While the IMF loan provides a much-needed lifeline, Ghana continues its efforts to secure additional financial support. The government is currently in talks with the World Bank for an extra $900 million of budget support over three years. Simultaneously, negotiations with Eurobond holders to restructure $13 billion of debt owed to private investors are also underway. (With agency inputs)

IMF comes to Ghana's aid with $3 billion loan

The International Monetary Fund says Sri Lanka's crisis-hit economy is expected to begin bouncing back in 2024. The country took a dent of 3% this year, amid its worst economic crisis since independence. An IMF team is currently visiting Sri Lanka until May 23 as part of regular consultations with the officials.

Sri Lanka economy crisis: IMF review team in the country until May 23

The International Monetary Fund stated that Pakistan's bailout money requirements had not altered, and the IMF's resident representative in Pakistan categorically refuted media claims to the contrary.

IMF: No change in Pakistan's financial requirements

Tunisia and Egypt are on the brink of major debt crises, with Tunisia facing a political crisis and uncertainty over IMF support. Egypt's debt-to-GDP ratio is reaching critical levels, compounded by currency devaluations and dwindling reserves. The countries' fiscal strains could have far-reaching consequences for the region. The involvement of gulf allies and the potential impact on global financial markets further intensify the gravity of the situation.

Drowning in debt: North Africa braces for impact

The US debt limit standoff makes the world nervous as IMF asks the Republicans and the Democrats to come to a consensus as delaying it would lead to serious consequences especially is US ends up defaulting. It might further lead to higher interest rates and broader instability.

IMF: Serious consequences if the US Lawmakers don't reach consensus on US debt limit

Pakistan is in a deep economic mess. And the political fallout of Imran Khan's arrest is making it worse. Analysts feel any hopes of an international monetary fund loan are fast eroding and the country may be on its way to a debt crunch.

Pakistan's economic crisis deepens

Pakistan's Moody's investors warn that Pakistan could go bankrupt without a bailout from the IMF by June. Pakistan government is struggling to restart a 6.5 Billion Dollar rescue program from Washington's lender. For more, watch the video.

Moody's warns : Pakistan at risk of default

From ECB to Goldman Sachs, the world of finance is finally embracing diversity and breaking free from the old boys' club. The European Central Bank has pledged to promote gender diversity in the finance industry.

ECB says there is gender bias in banking

The IMF has raised concern over Bangladesh's economy amid depleting forex reserves. Is Bangladesh heading in the same direction as Pakistan? Molly Gambhir tells you more.

Gravitas: Bangladesh's depleting Forex reserves

Bangladesh's economy is facing significant challenges, according to a recent statement by the International Monetary Fund (IMF).

The country's local currency, the Taka, foreign reserves, and economic growth are at risk due to inflation and the global economic slowdown.

The IMF's warning comes after its recent visit to Bangladesh, during which the organisation assessed the&nbsp;country's economy.&nbsp;

In January, Bangladesh secured a $4.7 billion loan from the IMF to help address mounting economic troubles. The country has already received $476 million as the first installment, with the second part of the loan expected in November.

Bangladesh's foreign reserves are expected to fall to $29.86 billion, the lowest in seven years, after import payments for two months next week.&nbsp;

The fall in exports and remittances, two key sources of foreign currency, have not helped improve Bangladesh's current account&nbsp;deficit.&nbsp;

Exports fell 16.5 percent&nbsp;to $3.95 billion in April from a year earlier, as orders from clothing retailers slowed. Inward remittances, on the other hand, declined 16 percent&nbsp;year-on-year to $1.68 billion in April.

Nevertheless, the IMF has called Bangladesh "one of the fastest growing economies in the Asia-Pacific region".&nbsp;

While Bangladesh's forex reserves are declining, neighbouring India has seen its import cover bloat to a 10-month high. India's foreign exchange reserves rose by $4.53 billion to $588.78 billion in the week ending April 28.

This discrepancy highlights the struggles that Bangladesh is facing compared to its much-larger neighbour.

Once touted as a strong emerging economy, Bangladesh has been struggling since the pandemic hit the global economy. Depleting foreign reserves due to a decline in exports widened Bangladesh's current account deficit to a record $18.7 billion in the last financial year, which ended on June 30, 2022.

The government has also raised fuel and energy prices in recent months after it approached the IMF for assistance.

According to estimates, the Bangladeshi economy is expected to deaccelerate from 7.1 percent in 2021-22 to&nbsp;5.2 percent in 2022-23 due to weaker macroeconomic outlook.&nbsp;

However, FY24 (July 2023 to June 2024) is expected to be much better for Bangladesh, according to World Bank estimates.&nbsp;

Economic growth is expected to accelerate in FY24&nbsp;to around 6.5 percent over the medium term, as inflation&nbsp;eases, external economic conditions improve, and reform implementation gains momentum.&nbsp;

But structural reforms will be key to Bangladesh's economic recovery.&nbsp;

"Bangladesh needs to create jobs and employment opportunities by creating a competitive business environment, diversifying exports, increasing human capital, building efficient infrastructure, deepening the financial sector, and establishing an enabling policy environment that attracts private investment," noted World Bank's Bangladesh Development Update 2023.&nbsp;

Bangladesh's economy is facing significant challenges, according to a recent statement by the International Monetary Fund (IMF). The country's local currency, the Taka, foreign reserves, and economic growth are at risk due to inflation and the global economic slowdown.

Bangladesh's economy is facing significant challenges, according to a recent statement by the International Monetary Fund (IMF). The country's local currency, the Taka, foreign reserves, and economic growth are at risk due to inflation and the global economic slowdown. The IMF's warning comes after its recent visit to Bangladesh, during which the organisation assessed the country's economy. In January, Bangladesh secured a $4.7 billion loan from the IMF to help address mounting economic troubles. The country has already received $476 million as the first installment, with the second part of the loan expected in November. Bangladesh's foreign reserves are expected to fall to $29.86 billion, the lowest in seven years, after import payments for two months next week. The fall in exports and remittances, two key sources of foreign currency, have not helped improve Bangladesh's current account deficit. Exports fell 16.5 percent to $3.95 billion in April from a year earlier, as orders from clothing retailers slowed. Inward remittances, on the other hand, declined 16 percent year-on-year to $1.68 billion in April. Nevertheless, the IMF has called Bangladesh "one of the fastest growing economies in the Asia-Pacific region". While Bangladesh's forex reserves are declining, neighbouring India has seen its import cover bloat to a 10-month high. India's foreign exchange reserves rose by $4.53 billion to $588.78 billion in the week ending April 28. This discrepancy highlights the struggles that Bangladesh is facing compared to its much-larger neighbour. Once touted as a strong emerging economy, Bangladesh has been struggling since the pandemic hit the global economy. Depleting foreign reserves due to a decline in exports widened Bangladesh's current account deficit to a record $18.7 billion in the last financial year, which ended on June 30, 2022. The government has also raised fuel and energy prices in recent months after it approached the IMF for assistance. According to estimates, the Bangladeshi economy is expected to deaccelerate from 7.1 percent in 2021-22 to 5.2 percent in 2022-23 due to weaker macroeconomic outlook. However, FY24 (July 2023 to June 2024) is expected to be much better for Bangladesh, according to World Bank estimates. Economic growth is expected to accelerate in FY24 to around 6.5 percent over the medium term, as inflation eases, external economic conditions improve, and reform implementation gains momentum. But structural reforms will be key to Bangladesh's economic recovery. "Bangladesh needs to create jobs and employment opportunities by creating a competitive business environment, diversifying exports, increasing human capital, building efficient infrastructure, deepening the financial sector, and establishing an enabling policy environment that attracts private investment," noted World Bank's Bangladesh Development Update 2023.

IMF flags risks to Bangladesh economy as foreign reserves fall further

The IMF stated that due to inflation and the global economic slowdown, Bangladesh's foreign reserves and economic growth are in jeopardy. This declaration follows the IMF's just finished visits to Bangladesh in January of this year.

IMF: Inflation, global slowdown risks to Bangladesh and its economy

The International Monetary Fund raised its forecast for Asia-Pacific, saying the region’s growth will be primarily driven by China’s recovery and “resilient” growth in India. This comes as the rest of the world braces for slower growth from tightened monetary policy and Russia’s invasion of Ukraine.

IMF raises 2023 economic outlook for Asia, sees China and India making up half of global growth

Pakistan is teetering on the edge. The South Asian country is battling a double whammy - economic chaos & never-ending political instability. The nation's woes have been compounded by a surge in attacks. Pakistan has been in political turmoil for a year since khan was ousted as pm last April through a no-confidence vote. Amid the calls for snap polls, sharif secured a major win for the ruling coalition. Sharif won a vote of confidence from the national assembly. Meanwhile, Imran Khan dismissed the claim made by the govt that his life is under threat from foreign agencies. He said he has identified a total of 6 persons within the country, including three fresh ones, who plotted to kill him. Pakistan is deeply in debt & needs to introduce tough reforms to unlock a tranche of a $6.5 billion bailout from the IMF, in order to avoid default. On Thursday, US called on Pakistan to move ahead on stalled reforms sought by the IMF, promising technical help.

Imran Khan says six people plotted to kill him; Shehbaz Sharif wins vote of confidence | Details

Pakistan is teetering on the edge, the South Asian nation is having a double whammy - economic chaos and never-ending political instability. The nation's woes have been compounded by certain terror attacks as well.

US to Pakistan: Move forward with IMF reforms

Pakistan has complied with all of the requirements of the international lender, according to Prime Minister Shehbaz Sharif, thus the IMF has no justification to postpone the rescue package.

Pakistan PM Shehbaz Sharif: IMF has no reason to delay the loan

Pakistan's dwindling situation is no secret to anyone, and its tryst with the international monetary fund is becoming more and more antagonising. A day after making the announcement, that they were all set to get the approval for a one billion dollar bailout from the IMF, it seems the celebrations were rather premature.

Pakistan Prime Minister Shehbaz Sharif: Pak not created to act like beggar | World News | WION

Kristalina Georgieva,&nbsp;the International Monetary Fund's managing director said on Thursday that countries must do more to avert the costly consequences of growing global trade fragmentation and help avert a "second Cold War."

Georgieva's comments came&nbsp;during a press conference at the official start of the World Bank and IMF's spring meetings.

"I don't want to see that repeating," she said, adding that the world should "rationally accept there will be some cost, there will be some fragmentation, but keep these costs low."

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/brics-common-currency-soon-india-china-step-up-to-counter-us-dollars-dominance-578660">BRICS common currency soon? India, China step up to counter US dollar's dominance</a>

She said that multilateral institutions like the World Bank and IMF have an important role to play in preventing the world from dividing&nbsp;into different blocs with severe economic consequences.

An IMF report earlier this week predicted that growing trade fragmentation resulting from events like Brexit, the US-China trade war and the Russa-Ukraine war could make the global economy as much as seven per cent smaller than it otherwise would have been.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/brazils-president-lula-assents-to-common-brics-currency-to-counter-us-dollars-dominance-582289">Brazil's President Lula assents to common BRICS currency to counter US dollar's dominance</a>

Policymakers had a crucial role to play to "defend the interests" of their citizens, Georgieva said.

"If we fail to be more rational, then people everywhere will be worse off," she said. &nbsp;

Meanwhile, the French President Emmanuel Macron will host a summit in June which will deliberate upon building a "new financial framework," the country's finance minister, Bruno Le Maire, told reporters at the IMF early Thursday.

The Bank's outgoing president, David Malpass, said earlier that progress has been made on a number of key issues for the World Bank and IMF.&nbsp;

ALSO WATCH |&nbsp;Gravitas: China, Russia ditch dollar for gas trade

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Member states agreed on several steps to boost the World Bank's financial capacity, he said, freeing it up to lend "as much as $50 billion of new financing" over the next decade.

Progress was also made during a debt roundtable discussion on Wednesday, Malpass said. For the first time, these talks included not only creditor countries but also the private sector, and representatives from Zambia, Ghana, Ethiopia and Sri Lanka, which are all facing debt challenges.

India currently holds the presidency of the G-20 group of countries, and co-chaired Wednesday's meeting. Indian Finance Minister Nirmala Sitharaman said Thursday that she expected a resolution for "many" debtor countries "at the earliest" opportunity.

(With inputs from agencies)

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Kristalina Georgieva, the International Monetary Fund's managing director said on Thursday that countries must do more to avert the costly consequences of growing global trade fragmentation and help avert a "second Cold War.

Kristalina Georgieva, the International Monetary Fund's managing director said on Thursday that countries must do more to avert the costly consequences of growing global trade fragmentation and help avert a "second Cold War." Georgieva's comments came during a press conference at the official start of the World Bank and IMF's spring meetings. "I don't want to see that repeating," she said, adding that the world should "rationally accept there will be some cost, there will be some fragmentation, but keep these costs low." ALSO READ | BRICS common currency soon? India, China step up to counter US dollar's dominance She said that multilateral institutions like the World Bank and IMF have an important role to play in preventing the world from dividing into different blocs with severe economic consequences. An IMF report earlier this week predicted that growing trade fragmentation resulting from events like Brexit, the US-China trade war and the Russa-Ukraine war could make the global economy as much as seven per cent smaller than it otherwise would have been. ALSO READ | Brazil's President Lula assents to common BRICS currency to counter US dollar's dominance Policymakers had a crucial role to play to "defend the interests" of their citizens, Georgieva said. "If we fail to be more rational, then people everywhere will be worse off," she said. Meanwhile, the French President Emmanuel Macron will host a summit in June which will deliberate upon building a "new financial framework," the country's finance minister, Bruno Le Maire, told reporters at the IMF early Thursday. The Bank's outgoing president, David Malpass, said earlier that progress has been made on a number of key issues for the World Bank and IMF. ALSO WATCH | Gravitas: China, Russia ditch dollar for gas trade × Member states agreed on several steps to boost the World Bank's financial capacity, he said, freeing it up to lend "as much as $50 billion of new financing" over the next decade. Progress was also made during a debt roundtable discussion on Wednesday, Malpass said. For the first time, these talks included not only creditor countries but also the private sector, and representatives from Zambia, Ghana, Ethiopia and Sri Lanka, which are all facing debt challenges. India currently holds the presidency of the G-20 group of countries, and co-chaired Wednesday's meeting. Indian Finance Minister Nirmala Sitharaman said Thursday that she expected a resolution for "many" debtor countries "at the earliest" opportunity. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

IMF chief warns against 'second cold war' amid BRICS' challenge to USD, China-US trade tensions

The United Arab Emirates (UAE) has confirmed that it would provide a $1 billion loan to Islamabad, said Pakistan Finance Minister Ishaq Dar, on Friday (April 14),&nbsp;getting the cash-strapped country one step closer to receiving the long-awaited bailout tranche from the International Monetary Fund (IMF). This comes a week after Pakistan had said that Saudi Arabia had assured that it would provide a $2 billion loan after the Washington-based lender had asked Islamabad to get financing assurances before a loan can be disbursed.

Referring to the country’s central bank, Dar took to Twitter and wrote, “The State Bank of Pakistan is now engaged for needful documentation for taking the said deposit from UAE authorities.” The commitment by UAE is one of the last requirements of the IMF before it would release a tranche of $1.1 billion which is crucial for&nbsp;Pakistan’s acute balance of payments crisis.

Pakistan is facing soaring inflation at 35.37 per cent, the highest in over five decades, while prices of essential food items such as wheat flour, sugar, and edible oil rose significantly. This also comes nearly a week after a United States-based think tank released a report which said that Pakistan owes around $77 billion to several public and private entities in China, Saudi Arabia, and UAE.&nbsp;

The recent announcement makes UAE the third country after Saudi Arabia and China to have come to Pakistan’s assistance amid the country’s need for external financing to bridge the balance of payments gap for this fiscal year which ends in June. According to reports, Pakistan has less than a month’s worth of foreign exchange reserves.&nbsp;

As of December 2022, Islamabad also holds external debt and liabilities of $126.3 billion, at least 77 per cent of this debt, which amounts to around $97.5 billion, is directly owed by Pakistan’s government to various creditors, said a report by Washington-based think tank, United States Institute of Peace (USIP), earlier this month.&nbsp;

Speaking about Pakistan’s bailout, IMF managing director Kristalina Georgieva, on Thursday, said, “My hope is that with the goodwill of everyone, and the implementation of what has been already agreed by the Pakistan authorities, we can complete our current programme successfully.” She added that they are also in talks with friendly countries of Pakistan to provide financial assurances so it can complete the programme. &nbsp;&nbsp; &nbsp;&nbsp;

(With inputs from agencies)&nbsp; 
 
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The United Arab Emirates (UAE) has confirmed that it would provide a $1 billion loan to Islamabad, said Pakistan Finance Minister Ishaq Dar, on Friday (April 14), getting the cash-strapped country one step closer to receiving the long-awaited bailout tranche from the International Monetary Fund (IMF).

The United Arab Emirates (UAE) has confirmed that it would provide a $1 billion loan to Islamabad, said Pakistan Finance Minister Ishaq Dar, on Friday (April 14), getting the cash-strapped country one step closer to receiving the long-awaited bailout tranche from the International Monetary Fund (IMF). This comes a week after Pakistan had said that Saudi Arabia had assured that it would provide a $2 billion loan after the Washington-based lender had asked Islamabad to get financing assurances before a loan can be disbursed. Referring to the country’s central bank, Dar took to Twitter and wrote, “The State Bank of Pakistan is now engaged for needful documentation for taking the said deposit from UAE authorities.” The commitment by UAE is one of the last requirements of the IMF before it would release a tranche of $1.1 billion which is crucial for Pakistan’s acute balance of payments crisis. Pakistan is facing soaring inflation at 35.37 per cent, the highest in over five decades, while prices of essential food items such as wheat flour, sugar, and edible oil rose significantly. This also comes nearly a week after a United States-based think tank released a report which said that Pakistan owes around $77 billion to several public and private entities in China, Saudi Arabia, and UAE. The recent announcement makes UAE the third country after Saudi Arabia and China to have come to Pakistan’s assistance amid the country’s need for external financing to bridge the balance of payments gap for this fiscal year which ends in June. According to reports, Pakistan has less than a month’s worth of foreign exchange reserves. As of December 2022, Islamabad also holds external debt and liabilities of $126.3 billion, at least 77 per cent of this debt, which amounts to around $97.5 billion, is directly owed by Pakistan’s government to various creditors, said a report by Washington-based think tank, United States Institute of Peace (USIP), earlier this month. Speaking about Pakistan’s bailout, IMF managing director Kristalina Georgieva, on Thursday, said, “My hope is that with the goodwill of everyone, and the implementation of what has been already agreed by the Pakistan authorities, we can complete our current programme successfully.” She added that they are also in talks with friendly countries of Pakistan to provide financial assurances so it can complete the programme. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pakistan a step closer to getting IMF bailout after UAE, Saudi Arabia pledge billions in assistance

India, France and Japan will announce a new platform for creditors to coordinate restructuring of Sri Lanka's debt. The announcement of the new platform initiated by Japan, France and the G20 chair, India, is expected to be made later today.

Sri Lanka: IMF approves $2.9bn bailout; India, Japan & France to launch platform to coordinate debt

The Shehbaz Sharif government in Pakistan completes one year in office this week. Perhaps the biggest highlight of the year gone by in Pakistan has been an economy in tailspin mode. Inflation is at an all time high, the Pakistani Rupee has sunk to new lows, and the IMF clearing a $1.1 billion bailout package remains desperately awaited. The state of the economy is just one end of Pakistan's troubles that range from frequent terror attacks, intense politicking and big fissures within state institutions. The common man is seeing the most difficult Ramadan yet, with the nightmare refusing to end.

1 year of Shehbaz Sharif's govt: What went wrong? | Inside South Asia

The worldwide economy is rebounding very slowly from high inflation and the effects of Russia's invasion of Ukraine, according to an International Monetary Fund (IMF) forecast released on Tuesday.

IMF downgrades outlook, forecasts slow global economic growth in 2023

United States President Joe Biden landed in Northern Ireland for his four-day visit, where he will show his support for the country's peace and will also attend events which will celebrate his Irish roots. The International Monetary Fund (IMF) on Tuesday slightly decreased its global growth projection for 2023-24 from 6.1 per cent to 5.9 per cent, however, it praised the Indian economy. Meanwhile, Twitter's Elon Musk announced the final date for removing legacy Blue checks from verified Twitter accounts.

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<a href="https://www.wionews.com/world/joe-biden-lands-in-northern-ireland-to-mark-25-years-of-good-friday-agreement-581514">Joe Biden lands in Northern Ireland, to mark 25 years of Good Friday Agreement&nbsp;</a>

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United States President Joe Biden has reached Northern Ireland, starting his four-day visit to the island, where he will extend his support for the country's peace and will celebrate his Irish roots.

<a href="https://www.wionews.com/business-economy/imf-says-india-very-strong-economy-and-bright-spot-in-the-global-economy-581526">IMF says India 'very strong economy' and one of bright spots globally</a>

 
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The International Monetary Fund (IMF) on Tuesday (April 11) slightly lowered its global growth projection for 2023-24 to 5.9 per cent from 6.1 per cent earlier, but the financial agency has praised the Indian economy.&nbsp;

<a href="https://www.wionews.com/south-asia/myanmar-military-targets-school-children-performing-dances-in-saigaing-up-to-100-feared-dead-581524">Myanmar military targets 'school children performing dances' in Sagaing; up to 100 feared dead</a>

 
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Many dozens of people, including children, are reported to be dead in central Myanmar following the military's airstrikes on Tuesday. The number of dead cited by a local pro-democracy group and media go as high as 100. Myanmar's military has reportedly confirmed the airstrikes without commenting on the number of people killed in its offensive against its own people.&nbsp;&nbsp;

<a href="https://www.wionews.com/technology/420-elon-musk-sets-final-date-for-removing-twitter-legacy-blue-checks-581500">'4/20': Elon Musk sets final date for removing Twitter legacy Blue checks</a>

 
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Twitter owner Elon Musk early Wednesday (April 12) set a final date for removing legacy Blue checks from Twitter accounts verified under the social media giant's previous regime. "Final date for removing legacy Blue checks is 4/20," Musk tweeted.

Pentagon leaks: Will turn every rock to find source of leak, says US Defense Secretary Lloyd Austin 
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United States President Joe Biden landed in Northern Ireland for his four-day visit, where he will show his support for the country's peace and will also attend events which will celebrate his Irish roots.

United States President Joe Biden landed in Northern Ireland for his four-day visit, where he will show his support for the country's peace and will also attend events which will celebrate his Irish roots. The International Monetary Fund (IMF) on Tuesday slightly decreased its global growth projection for 2023-24 from 6.1 per cent to 5.9 per cent, however, it praised the Indian economy. Meanwhile, Twitter's Elon Musk announced the final date for removing legacy Blue checks from verified Twitter accounts. Click on the headline to read more: Joe Biden lands in Northern Ireland, to mark 25 years of Good Friday Agreement United States President Joe Biden has reached Northern Ireland, starting his four-day visit to the island, where he will extend his support for the country's peace and will celebrate his Irish roots. IMF says India 'very strong economy' and one of bright spots globally The International Monetary Fund (IMF) on Tuesday (April 11) slightly lowered its global growth projection for 2023-24 to 5.9 per cent from 6.1 per cent earlier, but the financial agency has praised the Indian economy. Myanmar military targets 'school children performing dances' in Sagaing; up to 100 feared dead Many dozens of people, including children, are reported to be dead in central Myanmar following the military's airstrikes on Tuesday. The number of dead cited by a local pro-democracy group and media go as high as 100. Myanmar's military has reportedly confirmed the airstrikes without commenting on the number of people killed in its offensive against its own people. '4/20': Elon Musk sets final date for removing Twitter legacy Blue checks Twitter owner Elon Musk early Wednesday (April 12) set a final date for removing legacy Blue checks from Twitter accounts verified under the social media giant's previous regime. "Final date for removing legacy Blue checks is 4/20," Musk tweeted. Pentagon leaks: Will turn every rock to find source of leak, says US Defense Secretary Lloyd Austin

Morning Brief: Joe Biden reaches Northern Ireland, IMF says India's economy 'very strong', & more

The International Monetary Fund (IMF) on Tuesday (April 11) slightly lowered its global growth projection for 2023-24 to 5.9 per cent from 6.1 per cent earlier, but the financial agency has praised the Indian economy. &nbsp;

Daniel Leigh, who is IMF division chief, said that the Indian economy is a "very strong economy" and the nation is one of the bright spots in the global economy right now with a high growth rate.&nbsp;

Leigh said: "Yes, we have a growth rate for India which is 6.8 in 2022. Let's not forget this is one of the bright spots in the global economy right now."&nbsp;

He added, "Such a high growth rate and it is moderating down to 5.9 with a -.2 revision compared to January, what's happening here is also a set of historical revisions."&nbsp;

India's inflation to slow to 4.9 per cent in the current year and further to 4.4 per cent next fiscal year, the IMF projects and the growth forecast is lower than the Reserve Bank of India (RBI) projection. The central bank predicted 7 per cent GDP growth for FY 2022-23 and 6.4 per cent in the ongoing fiscal that started on April 1.

IMF also predicted that most countries will avoid a recession this year despite high inflation in many countries, rising geopolitical tensions and financial stability.&nbsp;

The IMF, in its World Economic Outlook (WEO) report, predicts the global economy will grow by 2.8 per cent this year and three per cent in 2024, which is a decline of 0.1 percentage point from its January forecasts.&nbsp;

According to the report, the United States is expected to grow by 1.6 per cent in 2023, marginally higher than previously predicted.&nbsp;

IMF chief economist Pierre-Olivier Gourinchas told a press conference Tuesday: "The global economy remains on track for a gradual recovery from the pandemic and Russia's war in Ukraine." &nbsp;He added that "the massive and synchronized tightening of monetary policy by most central banks" had begun to bring inflation lower.

(With inputs from agencies)&nbsp;

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The International Monetary Fund (IMF) on Tuesday (April 11) slightly lowered its global growth projection for 2023-24 to 5.9 per cent from 6.1 per cent earlier, but the financial agency has praised the Indian economy.

The International Monetary Fund (IMF) on Tuesday (April 11) slightly lowered its global growth projection for 2023-24 to 5.9 per cent from 6.1 per cent earlier, but the financial agency has praised the Indian economy. Daniel Leigh, who is IMF division chief, said that the Indian economy is a "very strong economy" and the nation is one of the bright spots in the global economy right now with a high growth rate. Leigh said: "Yes, we have a growth rate for India which is 6.8 in 2022. Let's not forget this is one of the bright spots in the global economy right now." He added, "Such a high growth rate and it is moderating down to 5.9 with a -.2 revision compared to January, what's happening here is also a set of historical revisions." India's inflation to slow to 4.9 per cent in the current year and further to 4.4 per cent next fiscal year, the IMF projects and the growth forecast is lower than the Reserve Bank of India (RBI) projection. The central bank predicted 7 per cent GDP growth for FY 2022-23 and 6.4 per cent in the ongoing fiscal that started on April 1. IMF also predicted that most countries will avoid a recession this year despite high inflation in many countries, rising geopolitical tensions and financial stability. The IMF, in its World Economic Outlook (WEO) report, predicts the global economy will grow by 2.8 per cent this year and three per cent in 2024, which is a decline of 0.1 percentage point from its January forecasts. According to the report, the United States is expected to grow by 1.6 per cent in 2023, marginally higher than previously predicted. IMF chief economist Pierre-Olivier Gourinchas told a press conference Tuesday: "The global economy remains on track for a gradual recovery from the pandemic and Russia's war in Ukraine." He added that "the massive and synchronized tightening of monetary policy by most central banks" had begun to bring inflation lower. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

IMF says India 'very strong economy' and one of bright spots globally

India's digital public infrastructure, one of the biggest success stories of the country, has got a thumbs up from the International Monetary Fund.

While praising India's digital public infrastructure, a recent paper by the IMF noted that the country's digital journey has "lessons for other countries embarking on their own digital transformation."

India's digital public infrastructure, which includes the Aadhar, Unified Payments Interface (UPI) -- in other words, digital payments -- and Digilocker (an online storage platform), collectively come under the 'India Stack'.

Together they enable online, paperless, cashless, and privacy-respecting digital access to a variety of public and private services, the paper noted.

The IMF paper, titled 'Stacking up the benefits: lessons from India's digital journey', argued that India's digital infrastructure helped the people during the pandemic.

"India was able to quickly provide support to an impressive share of poor households during the pandemic. In the first months of the pandemic about 87 per cent of poor households received at least one benefit," the paper said.

Thanks to the robust digital infrastructure across India, the Indian government could save an estimated 1.1 per cent of the GDP in expenditure up to March 2021.

ALSO READ | <a href="https://www.wionews.com/world/india-china-to-account-of-half-of-global-growth-in-2023-as-imf-chief-warns-of-sharp-slowdown-579969">India, China to account for half of global growth in 2023, as IMF chief warns of ‘sharp slowdown’</a>

The paper particularly noted how the government pushed for financial inclusion through the Jan Dhan scheme, which provided low-cost zero-balance accounts to millions of poor Indians by linking their accounts to Aadhar.

Under this initiative, 462.5 million bank accounts were opened in both urban and rural areas, as of August 2022.

In addition, 'India Stack' has digitised and simplified Know Your Customer (KYC) procedures, which has lowered costs. Banks that use e-KYC lowered their cost of compliance from $12 to 6 cents, the IMF paper said.

And it is not just the banking and finance sector that has benefited from India's digital transformation.

India's digital infrastructure helped overcome logistical challenges during the Covid-19 vaccination process.

"Using a digital backbone allowed India to scale its vaccine delivery quickly and overcome challenges such as large-scale internal migration. The technology underlying CoWIN has been deployed in Indonesia, Philippines, Sri Lanka and Jamaica to help facilitate their vaccination programmes," the paper noted.

A large part of India's digital infrastructure is centred around digital payments via UPI.

As UPI is interoperable, which means it can be used across multiple platforms, even private players like PhonePe, Google and PayTm have integrated their payment systems with it.

WATCH | IMF Chief: World to grow at 3% for 5 years

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Digital payments now account for 68 per cent of all payment transactions by volume. Roughly 4.5 million individuals and companies have benefited from easier access to financial services through UPI, the paper noted.

Digitalisation has also supported the formalisation of the Indian economy, where a large section of the population works in the informal sector, the paper added.

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India's digital public infrastructure, one of the biggest success stories of the country, has got a thumbs up from the International Monetary Fund. While praising India's digital public infrastructure, a recent paper by the IMF noted that the country's digital journey has "lessons for other countries embarking on their own digital transformation.

India's digital public infrastructure, one of the biggest success stories of the country, has got a thumbs up from the International Monetary Fund. While praising India's digital public infrastructure, a recent paper by the IMF noted that the country's digital journey has "lessons for other countries embarking on their own digital transformation." India's digital public infrastructure, which includes the Aadhar, Unified Payments Interface (UPI) -- in other words, digital payments -- and Digilocker (an online storage platform), collectively come under the 'India Stack'. Together they enable online, paperless, cashless, and privacy-respecting digital access to a variety of public and private services, the paper noted. The IMF paper, titled 'Stacking up the benefits: lessons from India's digital journey', argued that India's digital infrastructure helped the people during the pandemic. "India was able to quickly provide support to an impressive share of poor households during the pandemic. In the first months of the pandemic about 87 per cent of poor households received at least one benefit," the paper said. Thanks to the robust digital infrastructure across India, the Indian government could save an estimated 1.1 per cent of the GDP in expenditure up to March 2021. ALSO READ | India, China to account for half of global growth in 2023, as IMF chief warns of ‘sharp slowdown’ The paper particularly noted how the government pushed for financial inclusion through the Jan Dhan scheme, which provided low-cost zero-balance accounts to millions of poor Indians by linking their accounts to Aadhar. Under this initiative, 462.5 million bank accounts were opened in both urban and rural areas, as of August 2022. In addition, 'India Stack' has digitised and simplified Know Your Customer (KYC) procedures, which has lowered costs. Banks that use e-KYC lowered their cost of compliance from $12 to 6 cents, the IMF paper said. And it is not just the banking and finance sector that has benefited from India's digital transformation. India's digital infrastructure helped overcome logistical challenges during the Covid-19 vaccination process. "Using a digital backbone allowed India to scale its vaccine delivery quickly and overcome challenges such as large-scale internal migration. The technology underlying CoWIN has been deployed in Indonesia, Philippines, Sri Lanka and Jamaica to help facilitate their vaccination programmes," the paper noted. A large part of India's digital infrastructure is centred around digital payments via UPI. As UPI is interoperable, which means it can be used across multiple platforms, even private players like PhonePe, Google and PayTm have integrated their payment systems with it. WATCH | IMF Chief: World to grow at 3% for 5 years Digital payments now account for 68 per cent of all payment transactions by volume. Roughly 4.5 million individuals and companies have benefited from easier access to financial services through UPI, the paper noted. Digitalisation has also supported the formalisation of the Indian economy, where a large section of the population works in the informal sector, the paper added. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

IMF paper hails India's public digital infrastructure

The island nation of Sri Lanka has finally made the decision to create a legal framework to combat corruption. A new anti-corruption bill was notified early this week that is in line with its commitment to the IMF as part of the bailout deal. The bill aims to prevent and eradicate bribery and corruption as well as to improve government transparency, increase State accountability, and increase public confidence in the democratic system.

Sri Lanka looks to prevent bribery and eradicate corruption

Sri Lanka has gazetted a new anti-corruption bill that is in line with the conditions listed by the International Monetary Fund (IMF) before approving the $2.9 billion loan to bail out the economic crisis-hit nation.

A gazette was published on Thursday on the order of Justice Minister Wijeyadasa Rajapakshe, listing some of the objectives of the proposed act.

These rules, according to the act, are meant to prevent and eradicate bribery and corruption in order to meet the just requirements of the general welfare of a democratic society; enhance transparency in governance; strengthen integrity of governance and increase accountability.

The provisions of the act, once passed, would pave way for the formation of an independent commission which will be mandated to conduct preliminary inquiries and investigations into, and to prosecute against, bribery, corruption, offences relating to declaration of assets and liabilities and associated offences.

If the draft bill is enacted, it will enable the authorities to introduce an effective system for the declaration of assets and liabilities in order to prevent illicit enrichment by public officials, promote inter-agency cooperation and international collaboration in preventing bribery and corruption.

It will also give effect to obligations under the United Nations Convention against corruption and any other International Convention relating to the prevention of corruption to which Sri Lanka is a party and recognise international standards and best practices in order to establish a culture of integrity in Sri Lanka.

Before approving the loan, the IMF had urged Sri Lanka to reduce corruption by improving fiscal transparency and public financial management and introducing a stronger anti-corruption legal framework.

On April 2, President Ranil Wickremesinghe said that the Sri Lankan government will enact key points of its agreement with the IMF into law upon parliamentary approval, one of which would be new anti-corruption legislation which would likely be enacted in May.&nbsp;

(With inputs from agencies) 
 
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Sri Lanka has gazetted a new anti-corruption bill that is in line with the conditions listed by the International Monetary Fund (IMF) before approving the $2.9 billion loan to bail out the economic crisis-hit nation.

Sri Lanka has gazetted a new anti-corruption bill that is in line with the conditions listed by the International Monetary Fund (IMF) before approving the $2.9 billion loan to bail out the economic crisis-hit nation. A gazette was published on Thursday on the order of Justice Minister Wijeyadasa Rajapakshe, listing some of the objectives of the proposed act. These rules, according to the act, are meant to prevent and eradicate bribery and corruption in order to meet the just requirements of the general welfare of a democratic society; enhance transparency in governance; strengthen integrity of governance and increase accountability. The provisions of the act, once passed, would pave way for the formation of an independent commission which will be mandated to conduct preliminary inquiries and investigations into, and to prosecute against, bribery, corruption, offences relating to declaration of assets and liabilities and associated offences. If the draft bill is enacted, it will enable the authorities to introduce an effective system for the declaration of assets and liabilities in order to prevent illicit enrichment by public officials, promote inter-agency cooperation and international collaboration in preventing bribery and corruption. It will also give effect to obligations under the United Nations Convention against corruption and any other International Convention relating to the prevention of corruption to which Sri Lanka is a party and recognise international standards and best practices in order to establish a culture of integrity in Sri Lanka. Before approving the loan, the IMF had urged Sri Lanka to reduce corruption by improving fiscal transparency and public financial management and introducing a stronger anti-corruption legal framework. On April 2, President Ranil Wickremesinghe said that the Sri Lankan government will enact key points of its agreement with the IMF into law upon parliamentary approval, one of which would be new anti-corruption legislation which would likely be enacted in May. (With inputs from agencies) WATCH WION LIVE HERE

Sri Lanka gazettes new anti-corruption bill to comply with IMF's 2.9 billion loan deal

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