IMF – Bhartiyanews24x7

26Jul

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Politics

Pakistan ministers in China, plead for debt relief – Times of India

ISLAMABAD: Pakistan Finance Minister Muhammad Aurangzeb who is on a China visit met with his Chinese counterpart and held talks seeking relief for the country from power sector debts, local media reported.Aurangazeb along with Pakistan's Energy Minister Sardar Awais Laghari met with Chinese finance minister Lan Fo'an on Thursday in Beijing to discuss the issue, The Express Tribune said on Friday.The Pakistan ministers requested an eight-year extension for repaying energy debt, converting US dollar-based interest payments to Chinese currency, and reducing overall interest rates for both CPEC and non-CPEC Chinese-funded projects, ministry officials said according to the Islamabad-based newspaper.They formally requested China to reschedule its debts, with outstanding dues for China-Pakista...

16Jul

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Politics

IMF Raises India’s Growth Forecast To 7 Per Cent From 6.8 Per Cent For FY25

The International Monetary Fund (IMF) has increased India's growth forecast for FY25 to 7 per cent, up from the 6.8 per cent projected in April, according to the latest World Economic Outlook released on Tuesday. "The forecast for growth in India has also been revised upward, to 7 per cent, this year, with the change reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas," the IMF stated. Looking ahead, the global financial institution anticipates India's economy to expand by 6.5 per cent in FY26, maintaining its previous projection from April. This adjustment follows the Reserve Bank of India's upward revision in June, which saw India's growth forecast increase to 7.2 per ...

16Jun

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Politics

‘This will be last IMF bailout’: Pakistan PM Sharif vows to bring nation’s economy back on track – Times of India

NEW DELHI: Pakistan Prime Minister Shehbaz Sharif has vowed to end Pakistan's reliance on foreign aid and IMF bailouts along with surpassing neighboring countries in economic activity. In his televised address to the nation, marking 100 days of his government's rule, Sharif expressed hope that the next IMF deal would be the last in Pakistan's history. The government is currently negotiating with the IMF for a loan estimated between USD 6 billion to USD 8 billion to prevent a default in the slow-paced economy.Sharif emphasized his commitment to reducing expenses and providing education and skills to the youth within five years. He said, "Inshallah, this will be the last IMF programme in Pakistan's history. We will stand on our feet and surpass our neighbouring countries in economic activ...

13Jun

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Politics

IMF bailout terms hang heavy over new Shehbaz govt’s first federal budget – Times of India

ISLAMABAD: Cash-strapped Pakistan's exigency of securing a bailout from the International Monetary Fund (IMF) dominated the political discourse on Wednesday as the new Shehbaz Sharif-led govt presented its first federal budget, worth a projected 18.5 trillion rupees, in the National Assembly.Last month, IMF linked any future deal with Islamabad to the passage of the 2024-25 budget in parliament.Pakistan has been in talks with the IMF for a loan estimated to range from $6 billion to $8 billion as it seeks to avert a default in the face of its economy growing the slowest among all countries of the region.Islamabad entered into a $6.5 billion three-year agreement with IMF in 2019. It received a final $3 billion under a standby arrangement last year, just before the agreement was to expire....

8Jun

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Business

IMF Lauds Sri Lanka For Strong Progress In Debt Restructuring

The macroeconomic policy reforms of Sri Lanka have started to give results, the IMF said recently ahead of the upcoming review of the lender’s $2.9 billion bailout programme for the crisis-hit country. The global financial body said that the island nation is expected to finalise agreements with external commercial creditors soon. With regards to debt restructuring, Julie Kozack, Communication Department Director, IMF, stressed that Sri Lanka has ‘made sufficiently strong progress’. Speaking at a press conference on Friday, Kozack said, “We do see macroeconomic policy reform starting to bear fruit. Commendable outcomes include rapid disinflation, robust reserve accumulation, and initial signs of economic growth while preserving the financial system's sta...