Managing Director of the International Monetary Fund chief highlights 'fundamental shift' in global economy
The global economy is moving "from a world of relative predictability, with a rules-based framework for international economic cooperation, low interest rates, and low inflation... to a world with more fragility, greater uncertainty, higher economic volatility, geopolitical confrontations, and more frequent and devastating natural disasters", Georgieva said in a curtain raiser speech ahead of the 2022 Annual Meetings of the IMF and the World Bank scheduled next week.
Pakistani rupee surges after IMF revives bailout programme
The Pakistani rupee (PKR) appreciated by 2.42 to 219.50 against the US dollar during intraday trade in the interbank market, down from Monday's close of 221.92, Geo News reported. After months-long hectic efforts, the global money lender approved the seventh and eighth reviews of the stalled $6 billion Pakistan programme, government officials announced ON Monday night.
Pakistan announces broad agreement with IMF
As per official sources, IMF and Pakistan have mutually agreed to impose at least Rs 50 per litre petroleum levy, which will be done through a gradual and consistent increase from August 2022 onwards. Miftah Ismail, Federal Minister for Finance said, "we have locked the budget for fiscal year 2022-23 in consultation with the IMF and now the Fund will consult with the State Bank of Pakistan on monetary targets."
Pakistan-IMF talks on the verge of a breakthrough
In an effort to comply with the IMF's demands, the Pakistan government has already taken some tough major decisions including a massive increase in petroleum prices, which have been increased by at least 130 PKR, ending the fuel subsidies, while an increase of about 45 per cent in per unit charge of electricity and gas.
IMF asks Pakistan government to reopen CPEC deals
The global lender has asked the government to treat the Chinese CPEC power plants at par with the power plants established under the 1994 and 2002 power policies, highly placed sources told The Express Tribune. These plants had been set up under the CPEC framework agreement. The IMF's demand came after China's refusal in the past to renegotiate the terms of agreements with the independent power producers (IPPs).
Pakistan caves in to IMF, petrol prices increase by one fourth
The unprecedented decision will help defuse the landmines laid by the government of former Prime Minister Imran Khan on the one hand, and will save the country from looming default on the other, The Express Tribune reported. Finance Minister Miftah Ismail made the decision public in an unscheduled news conference after Prime Minister Shehbaz Sharif gave him the go-ahead in a party meeting.
Pakistan hopeful of revival of IMF aid through re-negotiations
Pakistan's Finance Minister Miftah Ismail, who landed back in Islamabad after unsuccessful negotiations with the International Monetary Fund, said the country needs to implement a tight monetary policy and consolidate its fiscal position to revive and extend the $6 bn Extended Fund Facility.
'Without correct govt support, protests seen in Sri Lanka could be repeated in other nations'
Speaking to the BBC, Georgieva said that such similar unrest before the Covid-19 pandemic, from France to Chile, was caused by "a sense of inequality growing" and decisions being made without the support of the people.
Breakthrough in Pak-IMF bailout talks as $8bn package approved
The understanding has been reached between Pakistan Finance Minister Miftah Ismail and IMF Deputy Managing Director Antoinette Sayeh in Washington, sources told The Express Tribune on Sunday. Subject to the final modalities, the IMF has agreed that the programme will be extended by another nine months to one year as against the original end-period of September 2022, the sources added.
Sanctions against Russia could undermine global dominance of US dollar: IMF
Sanctions against Russia could undermine the global dominance of the US dollar, according to Gita Gopinath, the First Deputy Managing Director of the International Monetary Fund (IMF). "The dollar would remain the major global currency even in that landscape, but fragmentation at a smaller level is certainly quite possible," Gopinath said in an interview with the Financial Times, RT reported.