IMF Approves Third Review Of Sri Lanka’s $2.9bn Bailout As Economy Shows Recovery

23 Nov 2024

International Monetary Fund (IMF) has approved the third review of Sri Lanka’s $2.9 billion bailout on Saturday, acknowledging signs of economic recovery but warning that the country’s economy remains vulnerable. In a statement, the global lender confirmed it would release an additional $333 million, bringing the total funding to approximately...

Global Economic Turmoil: Nations Struggle Amid Debt Crises And Recovery Efforts

05 Oct 2024

Several countries are grappling with severe economic challenges as they navigate debt crises and seek recovery. While some nations, like Sri Lanka, show signs of stabilization, others, including Pakistan and Venezuela, continue to face significant hurdles. Pakistan is on shaky ground despite securing a $3 billion International Monetary Fund (IMF)...

BRICS Advocates for Increased Use of Local Currencies in Member Trade

11 Jun 2024

The BRICS Foreign Ministers convened in Nizhny Novgorod, Russia, on Monday to discuss various topics, notably the increased use of local currencies in trade and financial transactions among BRICS countries. They acknowledged the necessity for a comprehensive overhaul of the global financial system. "They recalled paragraph 45 of the Johannesburg...

IMF Asks Pakistan to ‘Impose’ Tax on Monthly Pensions

20 May 2024

The International Monetary Fund (IMF) mission has reportedly urged Pakistani authorities to implement a tax on monthly pensions exceeding Rs 100,000, as per ARY News sources. Additionally, the IMF is pressing for pension reforms as part of the "new bailout program," with policy discussions set to commence soon as negotiations...

Pakistan’s SBP Receives $1.1 Billion IMF Funding

01 May 2024

The State Bank of Pakistan (SBP) has received approximately USD 1.1 billion from the International Monetary Fund (IMF), following the approval of the final tranche of Pakistan's USD 3 billion Stand-By Arrangement (SBA) by the global lender, Geo News said. Pakistan announced on Tuesday that the IMF's executive board approved...

IMF Approves Final $1.1 Billion Installment as Pakistan’s Assistance Plan

30 Apr 2024

The executive board of the International Monetary Fund approved $1.1 billion in cash for Pakistan, according to a press statement, but talks for a fresh loan are still ongoing. A $3 billion standby agreement with the IMF was secured by Islamabad last summer in order to avert a sovereign default....

JPMorgan Chase CEO Jamie Dimon Lauds PM Modi’s Leadership

24 Apr 2024

Jamie Dimon, the Chairman and CEO of JPMorgan Chase, praised Prime Minister Narendra Modi during a luncheon hosted by the Economic Club of New York, lauding India's achievements. Dimon discussed global finance trends, offering insights into managing economic and geopolitical risks. In a video shared by Union Minister Piyush Goyal...

Pakistan formally requests an IMF bailout package ranging from USD 6 to 8 billion

20 Apr 2024

Pakistan has formally requested a new bailout package from the International Monetary Fund (IMF), seeking between USD 6 billion to USD 8 billion. The country has also proposed the possibility of additional funding through climate financing. The request includes asking the IMF to send a review mission next month to...

India’s economy surges: IMF raises growth forecast to 6.8%

16 Apr 2024

The International Monetary Fund (IMF) recently adjusted its growth forecast for India, raising it from 6.5% to 6.8%. This positions India as the fastest-growing major economy globally, surpassing China's projected growth of 4.6%. The IMF's World Economic Outlook attributes India's growth to strong domestic demand and a growing working-age population....

Pakistan Requires Further IMF Bailout for Economic Stability, Shehbaz Sharif said

22 Mar 2024

Pakistan Prime Minister Shehbaz Sharif stated that the financially troubled nation requires another extended bailout from the International Monetary Fund (IMF) to stabilize its vulnerable economy on Thursday, as per ARY News. "A new tranche of loan is likely to be received from the IMF in a few days, however,...