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by Heather SCOTT Agence France Presse WASHINGTON, United States (AFP) — The coronavirus pandemic is pushing the global economy into its deepest recession in a century, cutting world output by three percent this year, and the crisis could get worse, the International Monetary Fund said Tuesday. The downturn will slash $9 trillion from the world economy, IMF chief economist Gita Gopinath told reporters as she presented the latest forecasts in the World Economic Outlook. If […]
WASHINGTON, United States (AFP) — After the pandemic ends, governments will have to provide even more cash infusions to help the global economy rebound from the coronavirus’s deep recession, the IMF’s chief economist said Tuesday. “Once the recovery happens, and we are past the pandemic phase for advanced economies, it would be essential to undertake a broad-based fiscal stimulus,” International Monetary Fund research chief Gita Gopinath told reporters. The spending “would be even more effective […]
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 […]
by Dave Clark with AFP bureaus World powers scrambled on Thursday to build a global response to the human tragedy and once-in-a-century economic collapse caused by the coronavirus epidemic, as the worldwide death toll topped 90,000. In a locked-down New York, the UN Security Council was to meet on the pandemic for the first time. And, by video conference, EU finance ministers are wrangling over how to bail out their worst hit members Italy […]
WASHINGTON, United States (AFP) — The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday. “It is clear that we have entered a recession” that will be worse than in 2009 following the global financial crisis, she said in an online press briefing. With the worldwide economic “sudden stop,” Georgieva said the fund’s estimate “for the overall financial needs […]
WASHINGTON, United States (AFP) — The IMF on Wednesday approved a $1.3 billion aid plan for Jordan, made all the more necessary by the global coronavirus pandemic. The program was initially announced at the end of January before the novel virus rocked the world’s economy. “Changes were made to the program to support unbudgeted spending covering emergency outlays and medical supplies and equipment,” the IMF said in a statement. “If the impact of the outbreak […]
By Caesar Vallejos OPEN FOR BUSINESS, Eagle News Service The Philippines will continue to be a viable investment and growth hub despite the global economic slowdown. This was the message of top policymakers and business leaders at the recently concluded Manila Times Economic Outlook 2019 Forum at the Dusit Thani Manila. International Monetary Fund (IMF) Resident Representative to the Philippines Yongzheng Yang confirmed that the global growth is slowing down. He said that “in 2018, […]
DUBAI, United Arab Emirates (AFP) — The International Monetary Fund on Sunday warned governments to gear up for a possible economic storm as growth undershoots expectations. “The bottom-line — we see an economy that is growing more slowly than we had anticipated,” IMF Managing Director Christine Lagarde told the World Government Summit in Dubai. Last month, the IMF lowered its global economic growth forecast for this year from 3.7 percent to 3.5 percent. Lagarde cited […]
By Sara HUSSEIN / Dan Martin Agence France Presse NUSA DUA, Indonesia (AFP) — The window of opportunity for safeguarding global growth is “narrowing” as trade disputes deepen and emerging markets face fiscal crisis, the IMF said Saturday, warning countries against worsening things by weaponising currency and interest-rate policies. US Treasury Secretary Steven Mnuchin had downplayed the global concerns expressed at an International Monetary Fund meeting held this week in Bali under the shadow of […]
(Eagle News) — Philippie president Rodrigo Duterte and other leaders of the Association of Southeast Asian Nations (ASEAN) and the International Monetary Fund were already in Bali, Indonesia when a fresh tremor struck Indonesia anew on Thursday dawn, Oct. 11. The magnitude 6 quake that rocked Indonesia on Thursday killed three people and rattled hotels where IMF delegates and leaders of the ASEAN are attending a major summit, a fortnight after a quake-tsunami killed […]
NUSA DUA, Indonesia (AFP) — Central bank rate hikes were a “necessary development”, International Monetary Fund chief Christine Lagarde said Thursday, a day after Donald Trump sent global markets tumbling by calling Fed increases “crazy”. “It is clearly a necessary development for those economies that are showing much improved growth, inflation that is picking up… unemployment that is extremely low,” Lagarde told a press briefing at the IMF’s annual meeting in Bali. “It’s inevitable that […]
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 […]
