IMF

Underlining that global consensus is necessary for regulation of crypto, before India makes any move on it, Union Finance Minister Nirmala Sitharaman on Sunday said a global template may have to be created, and everyone will have to work together on it, otherwise regulating it will not be effective. The Minister, however, said it does not mean controlling of 'distributed ledger technology', which has its goodness and potential. "The G20 of which the India is currently holding the Presidency, it was India's proposal and it…

Members of the G20 agree that a globally coordinated understanding would be required not only to deal with the challenges posed by crypto assets but also to regulate them, Union Finance Minister Nirmala Sitharaman has said. The grouping has responded to the issue with alacrity and during India's presidency of the G20, a "synthesis paper" will be taken up on matters related to crypto assets, the minister told a press conference here on Thursday. "I am glad to say that there is a greater acceptance among all G20 members,…

Washington, Issues related to crypto assets require immediate attention and the response of the G20 has to ensure that they do not lose any potential benefits while protecting economies from harm, Union Finance Minister Nirmala Sitharaman has said. Sitharaman was part of a brainstorming session on "Macrofinancial Implications of Crypto Assets" with G20 finance ministers and central bank governors at the IMF's headquarters here on Friday. India currently holds the rotating annual presidency of G20 countries. Issues…

Pakistan signed a $6.5 billion bailout package with the IMF in 2019, but has repeatedly reneged on conditions and so far just $3 billion has been released. Pakistan's economy has crumbled alongside a simmering political crisis, with the rupee plummeting and inflation at decades-high levels.…

The International Monetary Fund (IMF) has retained its growth forecast for the Nigerian economy in 2023 at 3.2 per cent. The Washington-based lender in its “World Economic Outlook: A Rocky Recovery 2023 APR” released on Tuesday also projected that the country’s economy would grow at 3.0 per cent in 2024. The report said tentative signs in early 2023 that the world economy could achieve a soft landing with inflation coming down amid steady growth have receded due to stubbornly high inflation and recent financial…

WASHINGTON—Tighter bank lending prompted by the recent failure of two midsize American banks will slow U.S. economic growth this year, the International Monetary Fund estimated, warning that rising interest rates pose a threat to the global financial system. U.S. banks’ lending capacity will decline by 1% this year due to the fall in the value of many bank stocks as investors reassess the health of midsize banks, the IMF said in a report on global financial stability released Tuesday.…

WASHINGTON—Global economic growth is cooling while facing risks from the volatile banking sector, high inflation and climbing interest rates, the International Monetary Fund said Tuesday. Total economic output is projected to increase 2.8% this year, a slowdown from 3.4% last year, as nations continue recovering from slumps caused by the pandemic and the war in Ukraine, the IMF said in its latest World Economic Outlook report. Its new 2023 forecast was little changed—just 0.1 percentage…

Fast News The IMF has asked Pakistan to secure assurances on external financing from friendly countries and multilateral partners to fund its balance of payment gap for this fiscal year, which ends in June. Islamabad was also in talks with UAE to secure an assurance for foreign reserves…

Fast News Global growth almost halved last year to 3.4 percent as the impact of Russia's offensive on Ukraine rippled through the world economy, abruptly halting the recovery from the Covid-19 pandemic. Low-income countries are expected to suffer a double shock from high borrowing costs,…

The IMF Managing Director Kristalina Georgieva says that 2023 would be another challenging year, with global growth slowing to below 3 percent due to scarring from the pandemic, the war in Ukraine and monetary tightening. Georgieva says policymakers in advanced economies have responded decisively to financial…