Top 10 debtor countries owe 86% of total IMF loans
British Prime Minister David Cameron on Tuesday said an Indian or Chinese could be the next chief of the International Monetary Fund, and played down the chances of his predecessor Gordon Brown taking over the key position.
India's forex reserves jumped $1.63 billion to $618.94 billion for the week ended January 12, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had declined sharply by $5.89 billion to $617.3 billion. The country's forex kitty had reached an all-time high of $645 billion in October 2021.
For India to view the new Sri Lankan leadership only through the prism of the past or through their narrow view on China, is fraught with possibilities that should be avoided, asserts N Sathiya Moorthy.
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).
In a brief hearing at the State Supreme Court in Manhattan, prosecutors did not oppose the release of 62-year-old Strauss-Kahn.
Experiences of the past decade now tell us that this unaccountable and unsure system is untrustworthy, unworkable and hence unacceptable
According to the IMF sources, the 27-member European Union bloc had asked the Chinese for support for Lagarde.
Simultaneously, the White House said it has full faith in the capabilities of IMF to continue with the important role it is playing, despite the setback of its head being behind bars in a New York prison.
Forex reserves declined sharply by $5.89 billion to $617.3 billion for the week ending January 5 after rising for four consecutive weeks, according to the weekly Reserve Bank data released on Friday. So far this fiscal, the reserves have increased $55.72 billion, according to the Reserve Bank of India (RBI). In the previous reporting week ended December 29, the reserves rose $2.759 billion to $623.2 billion, the highest so far this fiscal.
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.
IMF says, India will grow significantly in near-term.
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.
"India did a self-assessment (by the Committee on Financial Sector Assessment, or CFSA) of its financial sector in 2009. This has given us the confidence to get our financial sector evaluated by international financial institutions like IMF and the World Bank. We have voluntarily sought a full-fledged Financial Sector Assessment Programme," Finance Minister Pranab Mukherjee said at the second International Finance Conference at the Indian Institute of Management, Calcutta.
The temporary disruptions (primarily to private consumption) caused by cash shortages accompanying the currency exchange initiative are expected to gradually dissipate in 2017 as cash shortages ease, the International Monetary Fund said in its regional economic outlook.
In July, the Pakistan government's debt swelled to USD 2.44 billion, including USD 2.07 billion in non-guaranteed debt owed to China, as per Geo News.
India's forex reserves jumped by $ 2.76 billion to $ 623.2 billion in the week ended December 29, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had increased by $4.47 billion to $620.44 billion. In October 2021, the country's forex kitty had reached an all-time high of $ 645 billion.
India too will advocate the IMF quote reforms at the two-day meeting of G20 Finance Ministers and Central Bank Governors beginning Saturday.
The International Monetary Fund has lowered India's economic growth forecast by 1 per cent to 5-6 per cent for 2012-13.
The Planning Commission on Thursday described the International Monetary Fund's growth projection of 8.8 per cent for India as optimistic and said the panel would stick to its outlook.
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
India is not particularly enamoured by the AMF idea and would much rather see the Fund revitalised and reinvented as a multilateral institution. Indeed, there could be a meeting of minds between India and the US on the IMF's future.
China's banks and financial sector are healthy, but there are vulnerabilities that should be addressed by the authorities.
The Reserve Bank has entered into an agreement buy up to $10 billion (over Rs 45,000 crore) worth notes from the IMF to help the multilateral agency shore up its resources for assisting countries hit by the global financial meltdown.
Terming the Indian growth pattern as impressive, the International Monetary Fund has said that it does not foresee the economy overheating as long as the current monetary policy is in place. "(India's) growth has been impressive--9.7 per cent in 2006, 8.9 per cent in 2007 and we are viewing at 8.4 per cent in 2008. That is really an impressive growth pattern," IMF Managing Director Rodrigo de Rato said.
The IMF has warned that an imminent debt default by the US due to the government shutdown would result in disruptions in financial markets and could possibly trigger global economic turmoil.
Asian economies have been very strong in their stimulus from both monetary and fiscal sources.
The International Monetary Fund (IMF) and the World Bank (WB) has said the current global economic crisis is turning into a human calamity as it has hit millions of poor people across the world.
India's forex reserves jumped $2.816 billion to $606.86 billion in the week ended December 8, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had risen $6.11 billion to $604.04 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The IMF's Financial System Stability Assessment Update said India had improved its supervision and regulations in the 20 years since it started liberalising its economy and that its financial system fared well in the global financial crisis.
'Nations like India with high inflation and public debt should be cautious'
The US' influence on a European CEO-headed multilateral institution is out of sync.
A rapidly deteriorating balance of payments may warrant that but the political climate is too risky
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.
With inflation softening to a six-year low of 2.43 per cent, there is scope for further easing of monetary policy, the IMF said in its review of the economy following Article IV consultations with the Indian authorities. The IMF expects average inflation to moderate to 2 per cent in 2009-10 from about 8.8 per cent in the current fiscal. Inflation has been coming down consistently after touching a peak of 12.91 per cent in August last year.
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.
Suggesting steps to boost the Indian economy, the IMF chief further said the government should focus on fiscal consolidation.
Besides French Finance Minister Lagarde, seen as a strong candidate, there are four to five other aspirants in the race for the post vacated by Dominique Strauss-Kahn.
Ground reality suggests that someone from the developing world does not stand a chance to emerge victorious.
