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Sri Lanka closed schools and halted all non-essential government services on Monday, beginning a two-week shutdown to conserve fast-depleting fuel reserves as the International Monetary Fund opened talks with Colombo on a possible bailout. The country of 22 million people is in the grip of its worst economic crisis after running out of dollars to finance even the most essential imports, including fuel. On Monday schools were shut and state offices worked with skeleton staff as […]
HONG KONG, China (AFP) — Asian markets were flat on Wednesday as oil began clawing its way back up from a big drop after the International Monetary Fund downgraded its global growth forecast for 2022. The IMF lowered its outlook to 3.6 percent — a 0.8 percentage point slash from its previous estimate released in January — prompting a five-percent dive in oil prices on Tuesday. The Fund pointed to surging energy prices, rising […]
Major international organizations issued an appeal Wednesday for urgent measures to deal with rising food insecurity in poor countries, including financing to support farmers and increase food supplies. The Russian invasion of Ukraine, and Western sanctions on Moscow, have sent energy and food prices soaring in recent weeks, while rising natural gas prices also have impacted fertilizer production, which in turn hurts farmers. “It is critical to quickly provide support for food insecure countries in a coordinated manner,” […]
BUENOS AIRES, Argentina (AFP) – Argentina and the IMF said Thursday they had reached agreement on a “pragmatic and realistic” plan for the country to repay a ruinous $44-billion debt. The economy ministry in Buenos Aires announced that a deal was struck on refinancing its debt in a way that “seeks to continue generating conditions of stability.” The deal — the details of which were ironed out between Argentine officials and IMF […]
IMF Managing Director Kristalina Georgieva on Thursday warned the conflict in Ukraine will have repercussions for the global economic recovery. Following Russia’s invasion of its neighbor, Georgieva said she was “deeply concerned,” and cautioned that the fighting “adds significant economic risk for the region & the world.” The International Monetary Fund continues to assess the economic impact, but will “stand ready to support our members as needed,” she said on Twitter. The Washington-based crisis lender […]
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, […]
by Heather SCOTT WASHINGTON, United States (AFP) — Worldwide supply chain disruptions are driving price increases and draining momentum out of economies recovering from the Covid-19 pandemic, the IMF warned on Tuesday. The ongoing hit from the pandemic and the failure to distribute vaccines worldwide is worsening the economic divide and darkening prospects for developing nations, the IMF said in its latest World Economic Outlook. The global economy is expected to grow 5.9 percent this […]
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 […]
by Delphine TOUITOU WASHINGTON, United States (AFP) — After kicking their massive lending powers into overdrive to help the nations hardest hit by Covid-19 last year, the IMF and the World Bank are now focusing on getting vaccines to poor countries to keep the pandemic from derailing the global economic recovery. Managing Director of the International Monetary Fund Kristalina Georgieva is spearheading a $50 billion joint effort with the World Health Organization to expand vaccine […]
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 […]
WASHINGTON, United States (AFP) — The International Monetary Fund on Monday said it had approved $4.3 billion in aid to South Africa to help it fight the coronavirus pandemic. “The IMF approved $4.3 billion in emergency financial assistance under the Rapid Financing Instrument (RFI) to support the authorities’ efforts in addressing the challenging health situation and severe economic impact of the COVID-19 shock,” the Washington-based crisis lender said in a statement. South Africa is the […]
(Eagle News) — A stronger currency swap among member countries of the Association of Southeast Asian Nations (ASEAN) took effect on Tuesday, June 23, which would enably the Philippines to borrow up to $22.76 billion from the facility as a signatory to this, the Department of Finance said. The amended Chiang Mai Initiative Multilateralization (CMIM) agreement took effect Tuesday “offering a stronger currency swap arrangement and financial safety net” among ASEAN member-states and their partner-economies […]
