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WASHINGTON, Feb 1, 2024 (AFP) – The International Monetary Fund on Wednesday approved a fresh $4.7 billion for Argentina, praising the new administration of President Javier Milei as he enacts “bold” cost-cutting to bring the country’s ailing economy back on track. The new disbursement — which brings to around $40.6 billion the amount sent to Argentina as part of a $44 billion aid program — is intended “to support the new authorities’ strong policy efforts […]
By Daniel AVIS WASHINGTON, Jan 14, 2024 (AFP) – Artificial intelligence poses risks to job security around the world but also offers a “tremendous opportunity” to boost flagging productivity levels and fuel global growth, the IMF chief told AFP. AI will affect 60 percent of jobs in advanced economies, the International Monetary Fund’s managing director, Kristalina Georgieva, said in an interview in Washington, shortly before departing for the annual World Economic Forum in Davos, Switzerland. […]
By Robbie COREY-BOULET RIYADH, Oct 25, 2023 (AFP) – The raging war between Israel and Hamas is already battering the economies of nearby countries, the managing director of the International Monetary Fund told a Saudi investor forum on Wednesday. Israel’s neighbours are feeling the effects, especially those that rely on tourism, Kristalina Georgieva said at the Future Investment Initiative (FII) in the Saudi capital Riyadh. “You look at the neighbouring countries — Egypt, Lebanon, Jordan […]
By Daniel AVIS WASHINGTON, Oct 3, 2023 (AFP) – Growing geopolitical fragmentation since the invasion of Ukraine has hit commodity markets, threatening to slow the transition to renewable energy as the world looks to combat climate change, the International Monetary Fund said Tuesday. The fractures have led to a doubling in new trade restrictions on commodities since 2021, with low-income countries bearing the brunt of the costs, the IMF announced Tuesday. “To achieve net-zero-carbon emission […]
by Daniel AVIS Agence France-Presse WASHINGTON, United States (AFP) — Countries must do more to avert the costly consequences of growing global trade fragmentation and help avert a “second Cold War,” the International Monetary Fund’s managing director said Thursday. “I am among those who know what are the consequences of a Cold War: it is loss of talent and contribution to the world,” Kristalina Georgieva said during a press conference at the official start of […]
Washington, United States | AFP | Tuesday 4/4/2023 The recent banking turmoil in the United States and Europe could spread to crucial non-bank institutions like pension funds, further complicating central banks’ fight against high inflation, the International Monetary Fund said Tuesday. Banking risks “could intensify in coming months amid the continued tightening of monetary policy globally,” and spread to the interconnected non-bank sector, which now holds almost half of all global financial assets, IMF economists […]
ISLAMABAD, Pakistan (AFP) — Pakistan is gripped by a major economic crisis, with the rupee plummeting, inflation soaring and energy in short supply as IMF officials visit to discuss a vital cash injection. Prime Minister Shehbaz Sharif for months held out against the tax rises and subsidy slashing demanded by the International Monetary Fund, fearful of backlash ahead of elections due in October. But in recent days, with the prospect of national bankruptcy looming and […]
Washington, United States | AFP | by Heather SCOTT IMF chief Kristalina Georgieva urged global policymakers Thursday to take concerted action to avoid a “dangerous ‘new normal,’” as the risks of a worldwide recession are driven ever higher by repeated economic shocks. In a speech ahead of the fund’s annual meetings next week, the IMF’s managing director said it was critical to “stabilize the global economy by addressing the most immediate challenges” — including […]
WASHINGTON, United States (AFP) — The IMF board on Monday approved an agreement to revive a massive loan program for Pakistan, as the country grapples with devastating monsoon flooding that has worsened an economic crisis. The Washington-based crisis lender will release $1.1 billion to the country immediately, and has added an additional $500 million to the total size of the package, bringing it to about $6.5 billion. In addition, the International Monetary Fund agreed to […]
WASHINGTON, United States (AFP) — Despite damaging Western sanctions imposed on Moscow in the wake of the invasion of Ukraine, Russia’s economy appears to be weathering the storm better than expected as it benefits from high energy prices, the IMF said Tuesday. The sanctions were meant to sever Russia from the global financial system and choke off funds available to Moscow to finance the war. But the International Monetary Fund’s latest World Economic Outlook upgraded […]
by Jack MOORE Agence France Presse Russia’s war in Ukraine poses the greatest threat to the global economy, US Treasury Secretary Janet Yellen said Thursday as G20 ministers prepare to start talks in Indonesia. Moscow’s invasion has sent inflation soaring at a time when the world is struggling to recover from the Covid-19 pandemic, endangering the gains of the past two years and threatening widespread hunger and poverty. “Our greatest challenge today comes from […]
