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WASHINGTON, United States (AFP) — China has an important part to play in the global economy as it recovers from Covid-19, but its growth is slowing, IMF Managing Director Kristalina Georgieva said Monday. The head of the Washington-based crisis lender held a virtual meeting with Chinese Premier Li Keqiang and discussed topics ranging from inflation to the recovery from the pandemic, according to a statement released by the IMF. “China achieved a truly remarkable recovery, […]
BUENOS AIRES, Argentina (AFP) — Argentina on Wednesday made a nearly $1.9 billion payment toward a $44 billion loan from the International Monetary Fund. The payment was confirmed to AFP by Argentine officials. Argentina has received $44 billion of a $57 billion loan from the IMF arranged under former president Mauricio Macri. After taking office, his successor Alberto Fernandez refused to accept the rest of the loan. So far this year, Argentina has paid the […]
NEW YORK, United States (AFP) — The International Monetary Fund on Monday approved new emergency aid for 28 of the world’s poorest countries to help them alleviate their debt and better cope with the impact of the coronavirus pandemic. The announcement, which follows a similar measure passed in mid-April for 25 countries, is intended to help the countries cover their debt repayments to the IMF for the next six months and “free up scarce financial […]
Numbers could go higher if pandemic drags on by Heather SCOTT Agence France Presse WASHINGTON, United States (AFP) — The coronavirus pandemic may have driven as many as 100 million people back into extreme poverty, World Bank President David Malpass warned Thursday. The Washington-based development lender previously estimated that 60 million people would fall into extreme poverty due to COVID-19, but the new estimate puts the deterioration at 70 to 100 million, and he […]
by Susan STUMME Agence France-Presse WASHINGTON DC, United States (AFP) — For many Americans, checking the mailbox is a daily ritual, a constant in a quickly changing world that can yield anything from wedding invitations to tax audits to new clothes. But as with many ordinary things as the coronavirus crisis unfolds, the US Postal Service — already compromised by a mountain of debt — has a most uncertain future. “The Postal Service is holding on […]
by Boris CAMBRELENG Agence France Presse PARIS, France (AFP) — Rich nations appeared Tuesday to be moving towards a temporary debt relief deal to help poor countries weather the coronavirus pandemic. Finance ministers and central bankers from G7 countries said Tuesday they favor a temporary halt to debt payments from the world’s poorest countries, but only if G20 governments also agree. Noting that poor countries face the most hardship in trying to deal with the […]
WASHINGTON, United States (AFP) — The International Monetary Fund on Monday announced immediate debt relief for 25 poor countries to help them free up funds to fight the coronavirus pandemic. “This provides grants to our poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months and will help them channel more of their scarce financial resources towards vital emergency medical and other relief efforts,” IMF […]
YOKOHAMA, Japan (AFP) — Japan’s prime minister on Thursday warned African leaders against accumulating too much debt, in an apparent reference to Chinese infrastructure projects that some blame for damaging the finances of developing nations. Addressing leaders from several African nations at a development conference in Yokohama, Shinzo Abe stressed that Tokyo was promoting “quality” infrastructure exports and investments, supported by Japan’s government-backed institutions. “What should the government do to encourage (entrepreneurs) to exercise their […]
by Ryan McMorrow and Elizabeth Law BEIJING, China (AFP) — China on Thursday rejected “misunderstandings” fuelling concerns about its Belt and Road global infrastructure programme but vowed to tame debt risks as it opened a summit on its signature foreign policy. President Xi Jinping’s pet project is a reboot of the ancient Silk Road to connect Asia to Europe and Africa through massive investments in maritime, road and rail projects. The Belt and Road Initiative […]
by Douglas Gillison Agence France Presse WASHINGTON, United States (AFP) — A severe recession would slash US public wealth by about $5 trillion, causing vastly more damage to Washington’s finances than just an increase in debt and deficits, the IMF warned Tuesday. Yet governments around the world, many of which face similar dangers, do not clearly publicize their overall net worths, the International Monetary Fund said in a new report. This creates a potential blind […]
by Julien Girault Agence France Presse BEIJING, China (AFP) — China’s massive and expanding “Belt and Road” trade infrastructure project is running into speed bumps as some countries begin to grumble about being buried under Chinese debt. First announced in 2013 by President Xi Jinping, the initiative also known as the “new Silk Road” envisions the construction of railways, roads and ports across the globe, with Beijing providing billions of dollars in loans to […]
(Eagle News)—-The national government’s debt in July registered an increase from the previous month’s level, the Bureau of Treasury reported on Friday, Aug. 31. In a statement, the BTr said the P7043.59 billion registered as of the end of July was a P27.4 billion increase, or a 0.4 percent increase. It said the increase was “due to net availments on both domestic and foreign obligations.” “Of the total stock, 34.68 percent were sourced externally, while […]
