BUSINESS
Global economy changed by Ukraine war
Trends that were already in motion have accelerated, as the need to move away from fossil fuels to greener, renewable energy supplies became more urgent, The Guardian reported. Food prices have soared, increasing hunger in the developing world, and forcing governments, businesses and people to adapt to lasting shifts, The Guardian reported.
Tough love: Pak has gone to IMF for bailouts 23 times in 75 years
"In fact, we are the IMF's most loyal customer," said Murtaza Syed, former Deputy Governor of the State Bank of Pakistan. Argentina, with 21 programmes, comes second. "In contrast, our midnight twin India has only been to the IMF seven times and never since the landmark Manmohan Rao reforms of 1991," Syed said, Geo News reported.
Early signs of market breakdown are here
At the end of the week with losses on all five days and a poor February futures expiry, markets will be under pressure from the start of the new week as Dow had yet another poor session on Friday. BSESENSEX lost 1,538.64 points or 2.52 per cent to close at 59,463.93 points while NIFTY lost 478.40 points or 2.67 per cent to close at 17,465.80 points.
G20 Finance Ministers' meet ends without consensus on Ukraine conflict
In place of a joint communique, a G20 Chair's Summary and Outcome Document was released after the meeting culminated on Saturday. The meeting began on February 24 in Bengaluru, coinciding with the first anniversary of the Russia-Ukraine conflict. Countries like the US and France had sought a condemnation of Russia for the invasion, while India wanted to use neutral terminology like "crisis" or "challenge" to describe the situation.
Pakistan to raise policy rate by 2% under IMF pressure
Virtual negotiations with the IMF continued till late at night on Friday, as the officials from the international lender "painstakingly reviewed" every aspect, Geo News reported. The sources said that Pakistan has agreed to raise its policy rate by 2 per cent. It currently stands at 17 per cent, the report said. The sources also added that details regarding reforms in the power sector are being finalised and after the settlement, a staff-level agreement (SLA) will be signed.
Piyush Goyal: India can touch up to $40-trillion economy by 2047
Referring to the peculiar dynamics in Asia where there are economies which are both democracies and authoritarian, the Minister said that now India is clearly considered as the country of the decade, if not the country of the 21st century, in view of our strong macroeconomic fundamentals and the reforms of the past few years.
India hopes to broaden G20 discussion on crypto assets beyond financial integrity concerns
During the meeting, a seminar titled "Policy Perspectives: Debating the Road to Policy Consensus on Crypto Assets" was held, as part of the Presidency's efforts to broaden the dialogue around crypto assets. The IMF speaker, Tommaso Mancini-Griffoli, presented the discussion paper during the event, highlighting the consequences of crypto adoption.
India's forex reserves slide to $561 billion
This is the third week in a row when forex reserves have shown a dip. Last week, they had fallen by $8.319 billion to $566.948 billion. In October 2021, the country's forex reserves had reached an all-time high of $645 billion. The reserves have been declining as the central bank has been using them to bolster the rupee amid global headwinds.
Guterres calls on G20 finance ministers to find 'bold' solutions to debt crisis
"The Secretary-General calls on the G20 finance ministers to be bold in their efforts to reform the multilateral development banks and in the effort to find solutions to pressing debt challenges through the debt roundtable," Dujarric said on Friday. He added, "We think India's presidency of G20 is very important and we look forward to it." G20 is the group of major industrialised and emerging economies that India is heading this year.
Nirmala Sitharaman meets French FM Bruno Le Maire
Both the leaders agreed to extend the growing economic cooperation between the two countries to new areas like renewable energy, infrastructure and green cities. The ongoing problems due to debt vulnerabilities of several nations also featured during the discussion between the two leaders.
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