IMF managing director Dominique Strauss-Kahn said that many Asian economies are already unwinding stimulus measures.
The International Monetary Fund (IMF) on Tuesday slashed India's growth forecast for 2022-23 (FY23) by 80 basis points to 7.4 per cent, citing less favourable external conditions and rapid policy tightening by the central bank. In its update to the April World Economic Outlook, the IMF said that though a global recession in 2022 was ruled out with a growth estimate of 3.2 per cent, the balance of risks was squarely to the downside, driven by a wide range of factors that could adversely affect the global economic performance. "The risk of recession is particularly prominent in 2023, when in several economies growth is expected to bottom out, household savings accumulated during the pandemic will have declined, and even small shocks could cause economies to stall.
Wickremesinghe is the first Sri Lankan president to be elected by Parliament following a vote.
Indian economy is expected to grow by 10 per cent or more in the current fiscal, and 8 per cent plus in the next fiscal year, Niti Aayog Vice-Chairman Rajiv Kumar said on Tuesday. Addressing a book launch event, Kumar further said that seven years of the Modi government has laid a strong economic foundation for businesses to thrive in India. "There was a hiccup (in economic growth) for two years due to COVID-19 pandemic.
Ranil Wickremesinghe was on Wednesday elected as Sri Lanka's new President by Parliament, in a rare move that could provide continuity for ongoing discussions with the International Monetary Fund for a bailout for the cash-strapped nation but a development likely to anger anti-government protesters who have been demanding his resignation from office for weeks.
A statement issued by the Prime Minister's Office on Monday said that Mahinda Rajapaksa intends to propose a new Constitutional Amendment to the cabinet in order to fulfil the people's aspirations.
Prime Minister Mahinda Rajapaksa became the only member of the family to retain a cabinet position in his younger brother Gotabaya Rajapaksa's new cabinet of 17 ministers appointed on Monday, as the island nation was facing the worst economic crisis.
During the reporting week, gold reserves increased marginally by $87 million to $26.796 billion.
International Monetary Fund has completed the sale of 403.3 tonnes of gold, as part of its two-year efforts to bolster the lender's finances that also saw India's central bank purchasing 200 tonnes of the precious metal last year.
Gold reserves increased $1.54 billion to $32.68 billion in the reporting week.
During the week, gold reserves decreased by $200 million to $26.709 billion.
During the week, gold reserves declined by $443 million to $26.910 billion.
India's reserve position with IMF rose by $ 7 million to $ 3.636 billion.
The International Monetary Fund has added island nation Tuvalu located in the Pacific Ocean between Hawaii and Australia as its 187th member.
Gold reserve also declined by $340 million to $30.55 billion.
The Sri Lankan government has appointed an advisory committee comprising eminent economic and fiscal experts to provide guidance on addressing the current debt crisis and engaging with the International Monetary Fund (IMF) and other lenders as the country struggles to combat the unprecedented shortage of foreign reserves.
The levy, the IMF said, should raise an equivalent of at least two per cent of a country's economic output -- about $300 billion in the US -- and set it aside to underwrite the cost of seeing banks through bankruptcy.
Riled by Sri Lanka's request to defer the planned docking of a high-tech Chinese research vessel at the strategic Hambantota Port, China on Monday took a dig at India, saying it was "senseless to pressure" Colombo by citing the issue of security concerns.
As IMF meets to give Pakistan another loan, the country's economy remains in deep trouble.
International Monetary Fund (IMF) chief economist Gita Gopinath has made a strong case for regulating cryptocurrencies, saying it will always be a challenge to ban them as they operate from offshore exchanges. Gopinath also suggested a global policy and co-ordinated action for regulating cryptocurrencies. "I think cryptocurrencies are a particular challenge for emerging markets. "It seems to be more attractive to adopt cryptocurrencies and assets in emerging economies than in advanced economies," she said while addressing an event organised by the National Council of Applied Economic Research (NCAER) on Wednesday.
The wait for India to become a $5-trillion economic powerhouse by 2024-25 (FY25) is going to take longer than what the finance ministry had originally intended, according to the International Monetary Fund (IMF). The vision will instead be achieved in 2028-29 (FY29), reveals the IMF data, illustrating a four-year delay. Chief Economic Advisor (CEA) V Anantha Nageswaran had in February said India would become a $5-trillion economy by 2025-26 or the following year, on the back of 8-9 per cent sustained growth rate in real gross domestic product (GDP). However, the IMF data conveys that the economy will be $4.92 trillion in FY28, clearly alluding to the fact that the target will be realised in FY29.
Gold reserves in the reporting week increased by $707 million to $33.52 billion.
On his maiden visit to Beijing, Pakistan Prime Minister Shehbaz Sharif held talks with Chinese President Xi Jinping during which the two leaders agreed to strengthen the all-weather friendship and the USD 60 billion China-Pakistan Economic Corridor (CPEC).
Chief Economic Adviser K V Subramanian on Wednesday said India is expected to hit a growth rate of 6.5-7 per cent in 2022-23 and accelerate further to 8 per cent in the subsequent years on the back of reforms undertaken by the government. He also said the government is expected to meet the fiscal deficit target of 6.8 per cent in the current fiscal despite pressure on revenue collections.
The foreign exchange kitty had crossed the half-a-trillion mark for the first time in the week ended June 5, 2020, after it had swelled by $8.223 billion to stand at $501.703 billion.
China on Monday said Sri Lanka has allowed its satellite and missile tracking ship to berth at the Hambantota port on Tuesday, but declined to reveal details of talks with Colombo leading to the bankrupt island's government reversing its earlier stand to defer the high-tech vessel's entry.
The ship will now arrive on August 16 and remain at the Hambantota port till August 22, they said.
Gold reserves were up by $1.525 billion in the reporting week to $37.625 billion.
A committee headed by Patel recommended retail inflation targeting and a monetary policy committee.
The current Euro-Atlantic Monetary Fund must become an International Monetary Fund.
Announcing her appointment, IMF Managing Director Christine Lagarde hailed the Mysore-born Gopinath as "one of the world's outstanding economists with impeccable academic credentials, a proven track record of intellectual leadership and extensive international experience".
Sri Lanka's main Opposition parties on Sunday agreed to form an all-party interim government after the anticipated resignation of President Gotabaya Rajapaksa on Wednesday, following unprecedented political turmoil that forced him and Prime Minister Ranil Wickremesinghe to offer their resignations over the mishandling of the nation's crippling economic crisis.
Pakistan was "drowning" in debt and it was the new government's job to "sail this ship ashore," Prime Minister Shehbaz Sharif said on Wednesday.
The ex-president returned to Sri Lanka on a Singapore Airlines flight.
For the week under review, foreign currency assets, which are the biggest parts of the reserves, increased by $1.642 billion to $410.453 billion.
Gita Gopinath, the IMF's Indian-American chief economist has been promoted as its First Deputy Managing Director recognising her exceptional intellectual leadership in helping the global economy and the Fund to navigate the "twists and turns" of the "worst economic crisis of our lives". Gopinath would replace Geoffrey Okamoto who plans to leave the International Monetary Fund early next year, Kristalina Georgieva, IMF's managing director announced on Thursday. Gopinath, who was scheduled to return to her academic position at Harvard University in January 2022, has decided to stay, she said. Gopinath, 49, has served as the first female chief economist of the Washington-based global lender for three years.
Wickremesinghe will resign after an all-party government is established and the majority is secured in Parliament.
In the reporting week, foreign currency assets, which are a major component of the overall reserves, reduced by $ 633 million to $ 398.724 billion.
India's exports in April jumped nearly three-fold to USD 30.63 billion from USD 10.36 billion in the same month last year, according to government data released on Friday.
The International Monetary Fund (IMF), in its latest World Economic Outlook report, has slashed its forecast for India's FY23 gross domestic product growth to 8.2 per cent from 9 per cent, saying that higher commodity prices will weigh on private consumption and investment. This was one of the steepest cuts for emerging economies compared to the IMF's January WEO forecasts. Saying that global economic prospects have worsened significantly due to commodity price volatility and disruption of supply chains caused by the war in Europe, IMF cut its global growth outlook for calendar year 2022 to 3.6 per cent from 4.4 per cent, and said both Russia and Ukraine could experience large GDP contractions.
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