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The country has enough forex reserves to meet the demand.
'The Indian government is better prepared this time and has reached out to all contenders and not putting all eggs in one basket.'
Sheikh Hasina, who was elected for a record fourth consecutive term and fifth overall term this year, was always admired by her supporters as "Iron Lady", before the dramatic development that abruptly ended her 15-year-rule in Bangladesh.
The IMF, in pursuance of the decisions taken at the G-20 summit in London, had decided to sell about 403.3 tonnes of gold to shore up its finances so that it can lend money to the poor countries at concessional rates.
The pledge was made at an informal meeting of Braliz, Russia, India and China leaders presided over by Prime Minister Manmohan Singh ahead of the opening of the seventh G-20 Summit in this Mexican resort town. Besides India, the other nations in BRICS are China, Russia, Brazil and South Africa.
The IMF Board of Governors have approved a general allocation of special drawing rights equivalent to $250 billion to provide liquidity to global economic system by supplementing its member countries' foreign exchange reserves.
The Reserve Bank of India's (RBI's) state of the economy report observed that any durable alignment of headline retail inflation with the target of 4 per cent could recommence in the second half of FY25 and sustain until numbers closer to the target are seen during the course of FY26, dashing hopes of any reduction in the policy repo rate in the current financial year. The report, authored by RBI staffers, including Deputy Governor in charge of monetary policy Michael Patra, said though headline numbers may fall in July and August due to base effect, it is likely to reverse in September.
Addressing reporters on the occasion of release of G-20 Surveillance Note in Washington on Thursday, senior IMF officials, however, emphasised that the world body expects advanced countries to turn around and grow at a moderate pace in 2010.
India's forex reserves jumped $9.11 billion to $615.97 billion in the week ended December 15 and the quantum of increase is one of the highest for a week, according to RBI data. In the previous reporting week, the overall reserves had risen $2.82 billion to $606.86 billion. In October 2021, the country's forex kitty reached an all-time high of $645 billion.
I think it is a clear objective in India to bring the fiscal deficit down as part of its fiscal consolidation, says Anoop Singh.
In a statement issued after its Article IV Consultation with India, the IMF said that Reserve Bank of India should be ready to increase rates to check any further rise in inflation.
11th-hour debt restructuring programme offered no concessions to creditors
The International Monetary Fund has asked India to speed up reforms, including removal of trade barriers, liberalisation of FDI regime and easing of labour laws, to attain over 6-6.5 per cent GDP growth.
While most European countries are backing Lagarde, the developing countries are trying to build a consensus on nominating a person from the emerging nations as the next IMF chief.
Emerging countries should not accumulate too much foreign exchange reserves as such a buildup has its own limitations and at a particular point complicates monetary policy, IMF managing director Rodrigo de Rato said.
India's foreign exchange reserves increased $2.54 billion to $597.93 billion for the week ended November 24, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had jumped $5.08 billion to $595.4 billion. For the week ended November 24, the foreign currency assets, a major component of the reserves, increased $2.14 billion to $528.53 billion, as per the data from the Reserve Bank of India (RBI).
Indian economy is expected to grow at decade low of 4.9 per cent in 2013-14.
Prime Minister Manmohan Singh on Thursday partly blamed International Monetary Fund for the current global economic crisis.
The International Monetary Fund will launch a donor-supported fund to combat money laundering and terror fund, a growing menace in the financial world.
India, which has witnessed numerous terror attacks and still remains a potential target for such strikes, faces significant money laundering and terrorist financing risk, the IMF has warned.
Upbeat over India's economy, International Monetary Fund said on Wednesday that the country had the potential to grow at 10 per cent annually for several years, higher than the Tenth Plan target of 8.0 per cent.
Reveleus, a business of I-flex solutions, said on Monday the International Monetary Fund has selected its business intelligence and data warehouse technology offering for the design and implementation of a data warehouse.
The multilateral body has also asked the policymakers to take action to reduce risks arising from increased scarcity of oil resources.
IMF expects growth to pick up to 7.2 per cent.
Mexican bank head seeks support for IMF post.
India's forex reserves increased by $5.08 billion to $595.4 billion during the week ended November 17, the Reserve Bank said on Friday. In the previous reporting week, the kitty declined $462 million to $590.32 billion. For the week ended November 17, the foreign currency assets, a major component of the reserves, increased $4.39 billion to $526.39 billion, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI).
The scramble for International Monetary Fund managing director's chair has escalated into a war of sorts with developing nations calling for a change in the power equation.
Pakistan may want to undertake a 'false flag' operation in J&K to divert attention from the situation in Balochistan and Khyber Pakhtunkhwa but infiltrating one SSG battalion into J&K and having two SSG battalions waiting to follow suit means war, which Pakistan cannot afford in its current economic crisis, notes Lieutenant General Prakash Katoch (retd).
Process of selecting the next IMF managing director should transcend North Atlantic considerations.
IMF managing director Dominique Strauss-Kahn said that many Asian economies are already unwinding stimulus measures.
India's forex kitty decreased by $462 million to $590.32 billion for the week ended November 10, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had increased by $4.67 billion to $590.78 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billio
That's why he is now finally focusing on the two things that alone can help: Fiscal expansion -- from December onwards -- and supply management via amended laws and rules that affect business, notes T C A Srinivasa-Raghavan
In recent times, the multilateral lending agency extended financial aid to crisis-hit nations such as Greece and Romania.
FM P Chidambaram is expected to address the IMF-WB's spring meeting on April 12 & 13 that is likely to be dominated by the impact of US recession, global inflation & consequent credit crunch leading to global economic slowdown. He is expected to take up India's concerns of rising global food & commodity prices, besides spiraling crude oil prices in the backdrop of domestic inflation, which has touched a 3-year high of 75%. India will take up hike in assistance issue with WB.
Structural reforms, pro-people programmes and employment opportunities helped the economy get new vigour, the finance minister said. After contracting by 5.8 per cent in 2020-21, the economy recorded a growth of 9.1 per cent in 2021-22.
The position has been vacant since July after the previous incumbent British Finance Minister Gordon Brown vacated the post after becoming the Prime Minister. Brown chaired IMFC for a decade.
