The fund cut its 2023 projection for India also by 0.8 percentage points to 6.1 per cent. These revised forecasts are relative to those in the fund's April world outlook report.
The IMF would be downgrading its growth forecasts for global growth for both 2022 and 2023 later this month, she said, having warned in April that its forecast of 3.6 per cent was likely to be revised downwards.
"A friend in need is a friend indeed" is the saying as it goes. The dictum is in full play as India has offered Sri Lanka an additional $500 million to help it to import fuel while it is in an advance stage of discussion with the International Monetary Fund (IMF) for a bailout package.
An official from the International Monetary Fund (IMF) on Tuesday urged Sri Lanka to tighten its monetary policy, raise taxes and adopt flexible exchange rates to overcome its ongoing debt crisis.
In an update to its World Economic Outlook report released in January, the IMF already cut 2022 global growth forecast by 0.5 percentage point to 4.4 per cent amid Omicron surge, as economies grapple with supply disruptions, higher inflation, record debt and persistent uncertainty, Xinhua news agency reported.
Speaking in Parliament on Wednesday, Chief Government Whip Johnston Fernando said the government will face this problem and there is no reason for President Gotabaya Rajapaksa to resign as he was elected to office.
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)
Gita Gopinath, the IMF's First Deputy Managing Director, believed that the global system "will change in important ways" in the aftermath of the Ukraine crisis.
IMF's World Economic Outlook (WEO) Update released in Washington said that India's gross domestic product (GDP) is projected to again increase next fiscal by another 9 per cent, before moderating to 7.1 per cent in 2023-24.
Meanwhile, private debt rose at a more moderate pace from 164 to 178 per cent of GDP in the same period, according to the IMF.
Gopinath, a US national and overseas citizen of India, will start in her new position as FDMD on January 21, 2022, according to the IMF.
Inflation in Pakistan is taking a serious toll on the lives of the locals as the income of a household has fallen by at least 35 per cent while the cost of living under basic facilities of food and shelter has surged by 40 to 50 per cent.
The IMF said Afghanistan's neighbours would be further hit because they rely on its funds for trade, the report said.
Most of the downgrades in the region come from emerging market and low-income countries, led by India and the Association of Southeast Asian Nations.
The house prices also increased as supply chain disruptions raised the costs of several inputs into the construction process.
IMF's Fiscal Affairs Department Deputy Director Paolo Mauro said the situation is improving when it comes to the epidemic.
According to the International Monetary Fund (IMF) projections released on Tuesday, India will continue to be the world's fastest growing major economy, clocking a growth rate of 9.5 per cent this fiscal year and 8.5 per cent in the next.
Our engagement with Afghanistan has been suspended until there is clarity within the international community on the recognition of the government, IMF spokesperson Gerry Rice said.
The International Monetary Fund (IMF) has proposed to set up an international carbon price floor to help limit global warming and achieve the transition toward low carbon growth over this decade.
The International Monetary Fund (IMF) has proposed $50 billion to speed up vaccinations, boost testing and tracing, and maintain adequate stocks of therapeutics, urging coordinated global action to end the Covid-19 pandemic.
Beijing: China’s economy grew a record 18.3 per cent in the first quarter of 2021, riding on strong domestic and foreign demand and aided by recovery from a low base…
Washington: India’s debt to GDP ratio increased from 74 per cent to 90 per cent during the COVID-19 pandemic, the International Monetary Fund has said, noting that it expects this…
Washington: India’s recently-enacted agri laws have the potential to increase farmers’ income, but there is a need to provide a social safety net to the vulnerable cultivators, IMF’s Chief Economist Gita Gopinath has said. Indian agriculture is in need of reforms, she said. There are multiple areas where the reforms are needed, including infrastructure, the […]
Washington: The International Monetary Fund (IMF) believes the farm bills passed by the Indian government have the potential to represent a significant step forward for agricultural reforms, a spokesperson of the organisation said here. There is, however, a need to strengthen the social safety net for those who might be adversely affected by the transition to […]
Washington: India’s priorities should be to protect the most vulnerable people, well targeted support and protecting small and medium sized enterprises so that they do not collapse as the country battles the COVID-19 pandemic, Managing Director of the International Monetary Fund Kristalina Georgieva has said. Speaking at a news conference here during the ongoing annual […]
Washington: Prime Minister Narendra Modi’s call for an “Aatmanirbhar Bharat” (self-reliant India) is an important initiative, the International Monetary Fund (IMF) said on Thursday. “The economic package under this self-reliant India initiative, which was announced in the aftermath of the coronavirus shock, has supported the Indian economy and mitigated significant downside risks, so we do […]
Islamabad: The International Monetary Fund (IMF) has urged Pakistan to freeze salaries of government employees and adhere to the fiscal consolidation path by showing a nominal primary deficit in the new budget, said Finance Ministry sources. The IMF is insisting that Pakistan should continue to follow the fiscal consolidation path due to a high and […]
Washington: The International Monetary Fund (IMF) and the World Bank Group (WBG) have called on countries to keep trade open as the world battles the COVID-19 pandemic, warning that export controls on medical supplies and other essentials could backfire. At a virtual press conference during the just-concluded spring meetings of the two multilateral institutions, IMF […]
Washington: Global COVID-19 deaths surpassed 150,000 with over 2.2 million infections on Friday as international institutions are intensifying their collective efforts on battling the pandemic. A total of 150,948 people have died of the disease as of 3:30 p.m. (1930 GMT) among 2,214,861 cases worldwide, according to the Center for Systems Science and Engineering (CSSE) […]
United Nations: The International Monetary Fund (IMF) supports India’s “very wise” decision to impose a national lockdown to combat the coronavirus pandemic despite the resulting economic slowdown, according to Changyong Rhee, the organisation’s director of the Asia and Pacific Department. He said at a news conference on Wednesday, “India entered the pandemic turmoil in the […]
Islamabad: The visiting IMF mission has asked Islamabad “to reduce its trade and commerce reliance on Beijing” and look for other international options by signing free trade agreements (FTA) with other countries too, a media report said on Friday. The development comes as the mission has extended its stay in Pakistan for making more efforts […]
Washington: India urgently needs more ambitious structural and financial sector reform measures and a medium-term fiscal consolidation strategy due to the rising debt levels while ensuring a more accommodative fiscal stance in the budget, the IMF has said. Responding to a question on the budget presented by Union Finance Minister Nirmala Sitharaman, International Monetary Fund […]
Davos: The IMF on Monday lowered India’s economic growth estimate for the current fiscal to 4.8 per cent and listed the country’s much lower-than-expected GDP numbers as the single biggest drag on its global growth forecast for two years. In October, the International Monetary Fund (IMF) had pegged India economic growth at 6.1 per cent […]
Washington: India is now in the midst of a significant economic slowdown, the International Monetary Fund has said, urging the government to take urgent policy actions to address the current prolonged downturn. In its report released Monday, the IMF Directors noted that India’s rapid economic expansion in recent years has lifted millions of people out […]
New Delhi: IMF Chief Economist Gita Gopinath on Friday said that regulatory uncertainty in India is one of the reasons for the ongoing economic slowdown. Speaking at an event here, the Chief Economist of the International Monetary Fund (IMF) said that although reforms are important for an economy, they should come with clarity and certainty […]
Washington: The International Monetary Fund on Friday supported India’s recent decision to reduce corporate income tax, saying it has a positive impact on investment. It, however, said India should address continued fiscal consolidation and secure long-term stability of the fiscal conditions. “We believe India still has limited fiscal space so they have to be careful. […]
Washington: India remains among the fastest growing economies of the world and efforts are being made to make it grow faster, said Union Finance Minister Nirmala Sitharaman. The International Monetary Fund (IMF) has projected a reduced growth rate for India, but the country’s economy is “still growing as the fastest”, she told a group of […]
New Delhi: The outlook for the Indian economy for the current fiscal seems to get bleaker by the day as major economic forums and institutions have of late revised the country’s GDP forecast downwards, with the International Monetary Fund (IMF) being the latest in the fray. The IMF in its World Economic Outlook released on […]
Washington: The new managing director of the International Monetary Fund (IMF) Kristalina Georgieva warned of an economic slowdown in 2019 in 90 per cent of the world during her first speech at the helm of the multilateral organization. “In 2019, we expect slower growth in nearly 90 per cent of the world. The global economy […]
New Delhi: The Indian government has appointed economist Surjit S Bhalla as the executive director of the International Monetary Fund (IMF) for a period of three years. An Appointments Committee of the Cabinet (ACC) order said that Bhalla would hold the position for three years from the date of assuming the charge. “The Appointments Committee […]
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