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The International Monetary Fund logo is seen during the IMF/World Bank spring meetings in Washington, US.(REUTERS)

The IMF has a blueprint for helping the climate without hurting economic growth

By Bloomberg | Posted by Arpan Rai
PUBLISHED ON OCT 17, 2020 03:09 PM IST
The IMF’s new approach might herald a tipping point not just in the institution’s thinking about climate change, but the mainstream views of economics and policy making.
Fiscal and monetary steps have helped cushion the world from an even uglier outcome, but the endgame can’t come until there’s a medical fix.(AP)
Fiscal and monetary steps have helped cushion the world from an even uglier outcome, but the endgame can’t come until there’s a medical fix.(AP)

Global economic pain from coronavirus is far from over: IMF

By Bloomberg | Posted by Arpan Rai
PUBLISHED ON OCT 16, 2020 09:45 PM IST
The IMF forecast a 4.4% global contraction for this year, the deepest since the Great Depression but less than its prior estimate of 5.2% in June.
Rahul Gandhi slammed the government over IMF’s GDP projection for India this fiscal year.(Ajay Aggarwal/HT Photo)
Rahul Gandhi slammed the government over IMF’s GDP projection for India this fiscal year.(Ajay Aggarwal/HT Photo)

‘Even Pak, Afghanistan handled Covid-19 better’: Rahul Gandhi’s dig at govt over IMF’s India projections

Hindustan Times, New Delhi | By hindustantimes.com | Edited by Kanishka Sarkar
UPDATED ON OCT 16, 2020 11:17 AM IST
While Pakistan and Afghanistan are expected to experience a dip of 0.40% and 5% in their GDP growth this fiscal, India’s GDP is likely to shrink by 10.3%, the biggest slump of any major emerging nation and the worst since Independence.
The IMF panel urged the G-20 to go further and adopt at a meeting next month a framework for managing the crushing debt burdens of many low-income countries.(Reuters file photo)
The IMF panel urged the G-20 to go further and adopt at a meeting next month a framework for managing the crushing debt burdens of many low-income countries.(Reuters file photo)

Covid-19: IMF warns global economy could be permanently scarred

Washington | By Associated Press| Posted by: Harshit Sabarwal
UPDATED ON OCT 16, 2020 02:38 AM IST
The policy-setting panel of the 189-nation International Monetary Fund concluded a virtual meeting Thursday with a joint statement that warned of permanent damage from the worst global downturn since the Great Depression of the 1930s unless countries are given further economic support.
Since the pandemic began, IMF has committed over USD 100 billion , says IMF MD(REUTERS)
Since the pandemic began, IMF has committed over USD 100 billion , says IMF MD(REUTERS)

World facing new Bretton Woods moment: IMF MD

Washington | By Press Trust of India| Posted by Ayshee Bhaduri
UPDATED ON OCT 15, 2020 05:07 PM IST
What was true at Bretton Woods, where allies at the end of World War II gathered to create the institutions that would use economic cooperation to prevent future conflicts, remains true today.
The IMF has projected that India’s economy will contract by 10.3 per cent in 2020.(Representative Photo/Reuters)
The IMF has projected that India’s economy will contract by 10.3 per cent in 2020.(Representative Photo/Reuters)

Per capita GDP increased by over 30%, overall size 11 times that of Bangladesh in PPP terms: Officials on criticism over IMF report

Hindustan Times, New Delhi | By hindustantimes.com | Edited by: Amit Chaturvedi
UPDATED ON OCT 15, 2020 12:33 PM IST
Sharing the IMF projections, Congress leader Rahul Gandhi took a jibe at the Bharatiya Janata Party-led government at the Centre on Wednesday saying it’s their achievement in six years.
India’s GDP will contract by 10.3% this fiscal year, IMF has projected.(AP file photo)
India’s GDP will contract by 10.3% this fiscal year, IMF has projected.(AP file photo)

How the Covid-19 pandemic has hit GDP growth

Hindustan Times, New Delhi | By Roshan Kishore
UPDATED ON OCT 15, 2020 05:54 AM IST
The previous World Economic Outlook (WEO) report was released in April this year, when the extent of the Covid-19 pandemic and ts economic implications were still being evaluated.
Talking about addressing the debt vulnerabilities of low income countries, Sitharaman observed that in a longer term, a more structural treatment of debt is required.(Ajay Aggarwal /HT file photo)
Talking about addressing the debt vulnerabilities of low income countries, Sitharaman observed that in a longer term, a more structural treatment of debt is required.(Ajay Aggarwal /HT file photo)

IMF’s debt restructuring programme should help nations overcome fiscal stress: FM

New Delhi | By Press Trust of India| Posted by: Harshit Sabarwal
PUBLISHED ON OCT 14, 2020 11:45 PM IST
One of the key outcomes of the G20 Action Plan has been the Debt Service Suspension Initiative (DSSI) which provides time bound suspension of debt service payments for the low-income debtor countries that request forbearance, a finance ministry statement said.  
Given their heavy debt burdens, they are now struggling to maintain vital policy support. They need access to more grants, concessional credit, and debt relief, the IMF chief said.(AP)
Given their heavy debt burdens, they are now struggling to maintain vital policy support. They need access to more grants, concessional credit, and debt relief, the IMF chief said.(AP)

IMF recommends three policy priorities to overcome Covid-19 crisis

Washington | By Press Trust of India| Posted by Susmita Pakrasi
UPDATED ON OCT 14, 2020 08:14 PM IST
Releasing Global Policy Agenda at the start of the annual meetings of the International Monetary Fund (IMF) and the World Bank, Georgieva said three measures are needed to overcome the crisis and build a brighter future.
The International Monetary Fund in its annual World Economic Outlook significantly downgrades India’s growth for the fiscal year 2020 to minus 10.3 per cent.(REUTERS)
The International Monetary Fund in its annual World Economic Outlook significantly downgrades India’s growth for the fiscal year 2020 to minus 10.3 per cent.(REUTERS)

Indian economy will recover from coronavirus crisis with right policies: IMF official

Washington | By Press Trust of India| Posted by Susmita Pakrasi
PUBLISHED ON OCT 14, 2020 02:04 PM IST
He further said there is a need to tilt the composition of the fiscal support towards more of the direct spending and tax relief measures and to rely slightly less on the liquidity support measures, the credit guarantees, which are clearly important to support the provision of credit in the economy.
The IMF expects India to grow 8.8 percent next year.(REUTERS)
The IMF expects India to grow 8.8 percent next year.(REUTERS)

IMF slashes India growth forecast, predicts record slump

New Delhi | By Agence France-Presse| Posted by Susmita Pakrasi
UPDATED ON OCT 13, 2020 06:26 PM IST
In its latest report on the global economy, the IMF forecasts that India’s gross domestic product will plunge 10.3 percent this fiscal year ending on March 31, 2021, the biggest contraction since the country became independent in 1947.
Around $3 trillion in stimulus spending kept the United States from a disastrous contraction and growth is expected to decline just 4.3 percent this year. China will see its economy expand by 1.9 percent.(REUTERS)
Around $3 trillion in stimulus spending kept the United States from a disastrous contraction and growth is expected to decline just 4.3 percent this year. China will see its economy expand by 1.9 percent.(REUTERS)

World GDP to drop 4.4% in 2020, rise 5.2% 2021: IMF

Washington | By Agence France-Presse| Posted by Susmita Pakrasi
PUBLISHED ON OCT 13, 2020 06:12 PM IST
Massive injections of government aid kept economies from plunging further, though growth in 2021 is expected to be slightly slower than forecast in June, according to the Washington-based crisis lender’s World Economic Outlook.
Currency seen at a forex bureau counter in New Delhi.(PTI File Photo)
Currency seen at a forex bureau counter in New Delhi.(PTI File Photo)

Forex reserves up by $3.618 billion to record $545.638 billion

Mumbai | By Press Trust of India | Posted by Kanishka Sarkar
PUBLISHED ON OCT 09, 2020 07:04 PM IST
The country’s reserve position with the IMF was also up by $23 million to $4.631 billion during the reporting week, the data showed.
Men wearing protective face masks chat on a bench near shuttered shops amid Israel's second national coronavirus disease lockdown in Ashkelon, Israel.(REUTERS)
Men wearing protective face masks chat on a bench near shuttered shops amid Israel's second national coronavirus disease lockdown in Ashkelon, Israel.(REUTERS)

Strict Covid-19 lockdowns may speed up economic recovery: IMF

Washington | By Reuters | Posted by Arpan Rai
PUBLISHED ON OCT 08, 2020 09:45 PM IST
The Covid-19 pandemic showed that government lockdowns succeeded in lowering infections, the IMF wrote in a chapter of its forthcoming World Economic Outlook, but they also contributed to the recession and hit vulnerable groups such as women and young people particularly hard.
Georgieva credited the “extraordinary policy measures that put a floor under the world economy” which amounted to $12 trillion in fiscal support to households and firms.(REUTERS)
Georgieva credited the “extraordinary policy measures that put a floor under the world economy” which amounted to $12 trillion in fiscal support to households and firms.(REUTERS)

Covid-19 downturn not as bad as feared; crisis not over: IMF chief

Washington | By Agence France-Presse| Posted by Susmita Pakrasi
UPDATED ON OCT 06, 2020 07:14 PM IST
In June, the Washington-based crisis lender projected a nearly five percent contraction of global GDP, but results in the second and third quarters were better than expected.
term, one is hopeful that the measures taken in the short and medium term will be successful in preserving the life of companies and livelihood of persons in distress, he said.(CAG website)
term, one is hopeful that the measures taken in the short and medium term will be successful in preserving the life of companies and livelihood of persons in distress, he said.(CAG website)

Pace of economic recovery will depend on the implementation of various measures: CAG

Hindustan Times, New Delhi | By Rajeev Jayaswal
UPDATED ON OCT 02, 2020 08:50 AM IST
According to the IMF’s World Economic Outlook of June, 2020, the global economy is projected to contract sharply by 4.9% in 2020, experiencing the worst recession since the Great Depression, and far worse than the global financial crisis, GC Murmu said
The image of a smiling Rato ringing the bell and sipping champagne on July 20, 2011 to mark the start of Bankia’s listing has since become a symbol of the scandal.(AFP file photo)
The image of a smiling Rato ringing the bell and sipping champagne on July 20, 2011 to mark the start of Bankia’s listing has since become a symbol of the scandal.(AFP file photo)

Former IMF chief Rodrigio Rato acquitted in Spanish bank trial

Madrid | By Agence France-Presse| Posted by: Harshit Sabarwal
PUBLISHED ON SEP 29, 2020 03:00 PM IST
Rato, who headed the International Monetary Fund from 2004 to 2007, led the merger in 2010 of several struggling banks into Bankia.
Rice said, “Looking ahead, as PM Modi has said, for India to play a more important part in the global economy, pursuing policies that stimulate by improving the efficiency and competitiveness of the economy is critical.’’(ANI file photo)
Rice said, “Looking ahead, as PM Modi has said, for India to play a more important part in the global economy, pursuing policies that stimulate by improving the efficiency and competitiveness of the economy is critical.’’(ANI file photo)

PM Modi’s ‘Atmanirbhar Bharat’ an important initiative, says IMF

Hindustan Times, New Delhi | By hindustantimes.com| Edited by: Harshit Sabarwal
PUBLISHED ON SEP 25, 2020 08:57 AM IST
As per news agency PTI, Gerry Rice, director-communications department at IMF told reporters that the economic package announced under this self-reliant initiative announced in the aftermath of the coronavirus (Covid-19) pandemic has supported Indian economy and mitigated significant downside risks.
According to tea producers, the hike in tea prices is mainly due to the drop in production for nearly a month (from March end to early May) during the Covid -19-induced national lockdown apart from extended rainfall this year.(PTI)
According to tea producers, the hike in tea prices is mainly due to the drop in production for nearly a month (from March end to early May) during the Covid -19-induced national lockdown apart from extended rainfall this year.(PTI)

Lockdown effect: Domestic tea prices rise even as global prices at multi-year low

Hindustan Times, New Delhi | By Vineet Sachdev
UPDATED ON SEP 21, 2020 12:55 PM IST
Wholesale prices for tea have has risen by over 130% since March this year; however, the rise in retail prices is much lower
In the short term, a detailed well communicated and credible medium-term fiscal consolidation plan is also important, alongside an increase in fiscal transparency, the IMF spokesperson said.(File photo for representation)
In the short term, a detailed well communicated and credible medium-term fiscal consolidation plan is also important, alongside an increase in fiscal transparency, the IMF spokesperson said.(File photo for representation)

Further fiscal stimulus warranted in India: IMF

Washington | By Press Trust of India
UPDATED ON SEP 10, 2020 10:46 PM IST
The IMF on Thursday said that there is a need for another stimulus in India, especially expenditures on health, food and income support for vulnerable households, and support for businesses in view of the Covid-19 pandemic.
India has thus far seen 2.4 million cases and around 47,000 deaths.(HT Photo)
India has thus far seen 2.4 million cases and around 47,000 deaths.(HT Photo)

Covid-19: What you need to know today

Hindustan Times, New Delhi | By R Sukumar
UPDATED ON AUG 14, 2020 03:37 AM IST
The US, the world’s largest economy and also its most powerful country, has been laid low by the disease, with around 5.2 million cases and around 167,000 deaths. India has thus far seen 2.4 million cases and around 47,000 deaths.
Petroleum Division spokesperson Sajid Qazi said the agreement expired in May and efforts are being made by the Finance Division to renew the facility.(REUTERS)
Petroleum Division spokesperson Sajid Qazi said the agreement expired in May and efforts are being made by the Finance Division to renew the facility.(REUTERS)

$3.2 billion oil deal between Pakistan, Saudi expires; Islamabad urges renewal

Islamabad | By Press Trust of India | Posted by Prashasti Singh
UPDATED ON AUG 08, 2020 04:55 PM IST
The $3.2 billion Saudi oil facility was part of the $6.2-billion Saudi Arabian package announced in November 2018 to ease Pakistan’s external sector woes, the Express Tribune reported on Friday.
The IMF’s External Sector Report on currencies and imbalances for the world’s 30 largest economies showed that net current account balances fell by 0.2 percentage point to 2.9% of global GDP.(Reuters file photo)
The IMF’s External Sector Report on currencies and imbalances for the world’s 30 largest economies showed that net current account balances fell by 0.2 percentage point to 2.9% of global GDP.(Reuters file photo)

Commodity exporters, tourism-dependent countries will swing to current account deficits: IMF

Washington | By Reuters
UPDATED ON AUG 04, 2020 09:11 PM IST
The International Monetary Fund said on Tuesday that global current account imbalances narrowed in 2019 as trade slowed, and the coronavirus could narrow them further in 2020, but some commodity exporters and tourism-dependent countries will swing to current account deficits.
A woman wearing a mask to curb the spread of the coronavirus walks past a street vendor selling lotus flowers and seeds in Beijing on Frida.(AP)
A woman wearing a mask to curb the spread of the coronavirus walks past a street vendor selling lotus flowers and seeds in Beijing on Frida.(AP)

IMF says coronavirus may shrink global imbalances further in 2020

Washington | By Reuters | Posted by Arpan Rai
PUBLISHED ON AUG 04, 2020 07:30 PM IST
The IMF’s annual report on currencies, the External Sector Report, showed that continued weakness in trade, coupled with massive fiscal expansion, was projected in many countries to shrink both current account deficits and surpluses.
Recently, the IMF in its update to the World Economic Outlook projected India’s growth rate at -4.5 per cent, and then six per cent recovery, for the fiscal year 2020-21 and fiscal year 2020-22, respectively, he said.(Reuters file photo)
Recently, the IMF in its update to the World Economic Outlook projected India’s growth rate at -4.5 per cent, and then six per cent recovery, for the fiscal year 2020-21 and fiscal year 2020-22, respectively, he said.(Reuters file photo)

India needs further economic reforms to attract more investment, says IMF

Washington | By Press Trust of India| Posted by: Harshit Sabarwal
PUBLISHED ON JUL 24, 2020 12:03 PM IST
The remarks by International Monetary Fund’s Chief Spokesperson Gerry Rice on Thursday came in response to a question on the recent FDI announcements made by global giants like Facebook and Google in India.
The funds will be made available as long-term loans for the International Monetary Fund’s Poverty Reduction and Growth Trust (PRGT).(Reuters Photo)
The funds will be made available as long-term loans for the International Monetary Fund’s Poverty Reduction and Growth Trust (PRGT).(Reuters Photo)

At G20, Germany pledges 3 billion euros for poor countries: Finance ministry

Berlin | By Reuters| Posted by: Harshit Sabarwal
UPDATED ON JUL 19, 2020 10:15 AM IST
IMF Managing Director Kristalina Georgieva welcomed Germany’s “generous pledge” and urged other donors to follow suit.
The railways ministry has taken a number of initiatives in order to transform into ‘Green Railways’ by 2030.(PTI file photo)
The railways ministry has taken a number of initiatives in order to transform into ‘Green Railways’ by 2030.(PTI file photo)

News updates from Hindustan Times: Railways will move to 100% electrification in next 3.5 years, says Piyush Goyal and all the latest news

Hindustan Times, New Delhi | By HT Correspondent
UPDATED ON JUL 16, 2020 01:14 PM IST
Here are today’s top news, analysis and opinion. Know all about the latest news and other news updates from Hindustan Times.
In a report to the G20, the IMF warned that rising protectionism and renewed trade tensions endangered the recovery.(Bloomberg Photo)
In a report to the G20, the IMF warned that rising protectionism and renewed trade tensions endangered the recovery.(Bloomberg Photo)

IMF chief warns global economy ‘not out of the woods yet,’ amid Covid-19 crisis

Washington | By Reuters| Posted by: Harshit Sabarwal
UPDATED ON JUL 16, 2020 12:56 PM IST
IMF Managing Director Kristalina Georgieva said the fiscal costs of actions aimed at containing the pandemic and mitigating its economic fallout were driving up already high debt levels, but it was premature to start withdrawing needed safety nets.
General view of Riyadh city, after the Saudi government eased a curfew, following the outbreak of the coronavirus disease (Covid-19), in Riyadh, Saudi Arabia.(REUTERS)
General view of Riyadh city, after the Saudi government eased a curfew, following the outbreak of the coronavirus disease (Covid-19), in Riyadh, Saudi Arabia.(REUTERS)

IMF says mideast loses $270B oil income amid coronavirus, recession

Dubai, United Arab Emirates | By Associated Press | Posted by Arpan Rai
PUBLISHED ON JUL 13, 2020 05:40 PM IST
The IMF had projected in April that Saudi Arabia’s economy would contract by about 2.3% this year.
The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, US.(REUTERS)
The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, US.(REUTERS)

IMF urges fiscal caution as global debt surges to record

By Bloomberg | Posted by: Shankhyaneel Sarkar
UPDATED ON JUL 12, 2020 06:59 AM IST
The fund in June downgraded its outlook for the coronavirus-ravaged world economy, projecting a significantly deeper recession of 4.9% this year.
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