The highest decision making body of the IMF met at its headquarters in Washington on Saturday in the wake of the corruption charges that have surfaced against its chief.
The International Monetary Fund (IMF) has said its executive board granted $1 billion in assistance to Pakistan this month after finding out that the country met all conditions and targets for it.
In an unexpected move, the government has terminated services of K V Subramanian as the executive director at the International Monetary Fund (IMF) six months ahead of his three-year tenure. The move comes days before the IMF executive board is to consider financial aid for debt-ridden Pakistan.
The Indian government has expressed its disagreement with the IMF staff's 'baseline' assumption that the 50 per cent US tariffs on its goods exports 'would remain in place indefinitely', based on which the staff pegged the country's GDP growth at 6.6 per cent this year, and pared its 2026-27 projection by 20 basis points to 6.2 per cent.
India registered its protest at the board of IMF, which met on Friday to review the EFF lending programme for Pakistan.
Pakistan's Ministry of Economic Affairs X account was hacked and a fake appeal was posted, calling for more international loans to help defuse tensions with India following the Pahalgam terror attack. The post urged the international community to help de-escalate the situation and requested more loans to address "heavy losses" caused by the tensions. The hacking incident occurred during a crucial meeting of the IMF executive board to decide on the next installment of a USD 7 billion loan for Pakistan.
The Congress party in India has accused the government of "impropriety" in the sudden termination of KV Subramanian's position as India's executive director at the IMF, alleging it was linked to the Union Bank of India's purchase of two lakh copies of his book. The party also questioned the government's stance on Pakistan's request for a loan from the IMF.
Pakistan on Friday said that the X account of its ministry of economic affairs was hacked and an appeal was posted on it for more international loans to meet the 'heavy losses' caused by the current tensions with India.
Bhalla will succeed former RBI deputy governor Subir Gokarn, who died in the US on July 30 after a brief illness.
Greece was an opportunity for the IMF to set a precedent for an orderly debt resolution programme.
The agreement is subject to approval by the IMF management and consideration by its executive board, which is expected in early April.
In recent times, the multilateral lending agency extended financial aid to crisis-hit nations such as Greece and Romania.
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.
International Monetary Fund Managing Director Rodrigo de Rato will quit the Fund in October without completing his five-year term which ends in May 2009.
Nepal's macroeconomic performance has been held back by the earthquakes and the recent unrest and disruptions to transportation and trade routes following the promulgation of a new constitution, the IMF said has said.
The executive board of the International Monetary Fund held an informal meeting at its headquarters in Washington on Sunday to discuss the fallout of the arrest of its managing director, Dominique Strauss-Kahn, on rape charges in New York.
In a statement, the IMF said French Finance Minister Christine Lagarde and the Mexican economist Agustin Carstens were interviewed by its Executive Board this week.
Horst Koehler, managing director of International Monetary Fund, has announced his resignation after being nominated to become the German President.
"The Executive Board will meet with the candidates in Washington and, thereafter, meet to discuss the strengths of the candidates and make a selection," the official IMF statement said.
Brazil, Russia, India & China (known collectively as BRIC) on Sunday sought a re-balancing of representation on the executive board and the International Monetary and Financial Committee of the International Monetary Fund (IMF). The committee is the policy-making arm of the IMF.
The voting share of India in IMF would increase to 2.6 per cent from 2.34 per cent.
Part of periodic Article IV consultations on state of the economy; team to have discussions with government as well as banks, private investors and civil society
In its first intervention in Asia since the beginning of the current financial crisis, the IMF has approved a $7.6 billion rescue fund for Pakistan that will support the country's economic stabilisation programme.
Dr Mohan will be representing India along with Bangladesh, Bhutan and Sri Lanka on the 24-member Executive Board of the IMF.
French Finance Minister Christine Lagarde on Tuesday became the first woman to head the International Monetary Fund after its executive board chose her over Mexican central bank governor Agustin Carstens.
Indian economist Kalpana Kochhar, who heads the Human Resources Department of the International Monetary Fund, is leaving the organisation to join the Bill and Melinda Gates Foundation, the IMF announced on Wednesday. Kochhar, who served in various senior positions during her three decades at the IMF, will retire on July 30, it said.
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.
Though the IMF wanted him to continue, his university said it won't extend Rajan's leave.
A look at who own the most amount of gold in the world.
User protection and a proposal for a licensing framework for companies seeking to operate in the cryptocurrency area will be part of an upcoming consultation paper on the sector, said a senior industry executive. Even as specific regulations around crypto are yet to take shape, companies are setting up baseline user protection processes, including a redressal mechanism, fraud detection, regular filing of suspicious transaction reports (STRs), among others.
'For the common man, the economic conditions are not going to get better.'
India too will advocate the IMF quote reforms at the two-day meeting of G20 Finance Ministers and Central Bank Governors beginning Saturday.
Many in the US establishment must hope that the crisis would put the brakes on China's growing military might. Well, it ain't gonna happen, says T T Ram Mohan, who was appointed a member of the prime minister's economic advisory council on Wednesday, October 28, 2021.
IMF chief Christine Lagarde has been put under formal investigation by French magistrates for alleged negligence in a political fraud affair dating from 2008 when she was finance minister.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
The World Bank's executive board unanimously selected 63-year-old Malpass, who is currently Under Secretary of Treasury for International Affairs, as the bank's 13th President for a five-year term beginning April 9.
Pakistan's current account deficit (CAD) increased to a 4-year high of $17.4 billion in the fiscal year of 2021-22, indicating more troubles for the ailing economy of the cash-strapped country. The State Bank of Pakistan (SBP) on Wednesday reported that the country recorded a CAD of $17.406 billion in FY22 compared to a gap of just $2.82 billion in FY21. According to Dawn newspaper, the massive CAD speaks a lot about the severe problem of the balance of payments.
As per the charges, these proscribed outfits were operating under the guise of charities and were involved in funnelling funds to terror suspects.
Patra, as executive director of the central bank, was the principal advisor to the Monetary Policy Department since July 2012.
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