The International Monetary Fund is going through interesting times. It is in the process of reforming a number of funds, core functions and aligning itself to the current economic realities.
"The BRICS are open to consider, if necessary, providing support through the IMF or other international financial institutions in order to address the present challenges to global financial stability, depending on individual country circumstances," said a joint communiqu issued by the BRICS finance ministers after their meeting.
Battling damaging allegations of sexual assault, Strauss-Kahn tendered his resignation from the top post of the IMF on Wednesday, while maintaining that he was innocent.
IMF MD Christine Lagarde hailed the government's latest Budget.
Weaker demand for Indian exports and higher financing costs will lead to a deceleration in India's gross domestic product (GDP) growth rate to 7.9 per cent in 2008, the International Monetary Fund has said.The IMF's growth projections for India are in line with other estimates, including that of the Asian Development Bank, which pegged the 2008-09 growth at 8 per cent.
The green signal would pave the way for additional funds to the IMF and reforms related to the country representation at the multilateral lending agency, among others. The IMF would get more funding to tackle the global crisis under an expanded borrowing arrangement. The US has committed to increase its credit line by up to $100 billion.
India's forex reserves jumped by $5.74 billion to $622.47 billion for the week ended February 2, the Reserve Bank said on Friday. In the previous week, the overall reserves had increased by $591 million to $616.73 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
RBI Governor Shaktikanta Das and Finance Secretary Subhash Chandra Garg are also expected to attend the meetings.
It have also called for enhanced monitoring of all protectionist measures and high-level political awareness of the associated macroeconomic risks.
If the projections come true, then India would regain the tag of the fastest growing major economy of the world, crossing China with more than 0.7 percentage point in 2018 and an impressive 1.2 percentage point growth lead in 2019.
IMF says there will be a lot of challenges to deal with, especially because of youth unemployment.
The International Monetary Fund on Thursday said capital control measures could be valuable for countries like Brazil and India, facing excessive short-term capital inflows that threaten to damage their economies. "Capital control are a little bit in the eye of the beholder, but it is certainly a part of the toolkit," said IMF spokesperson Caroline Atkinson at a news briefing.
For 2015-16, IMF pegged India's growth rate at 7.5 per cent.
India has opposed a proposal on ad-hoc increase of quota of some countries in IMF, saying the redistribution of quota based on flawed formula cannot provide a durable solution to reform IMF.
India's forex reserves increased $591 million to $616.733 billion for the week ended January 26, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had dropped $2.79 billion to $616.14 billion. The country's forex kitty had reached an all-time high of $645 billion in October 2021.
The International Monetary Fund on Thursday asked India to "very carefully" look at the much-touted Special Economic Zones, saying the giveaways and tax sops to the zones could divert industrial activity from the rest of the country.
India's forex reserves declined $5.24 billion to $617.23 billion for the week ending February 9, according to weekly data released by the Reserve Bank of India (RBI) on Friday. The forex kitty stood at $622.5 billion for the week ended February 2. However, in the current fiscal, the forex reserves have increased $50.28 billion, the RBI data showed.
The Cabinet's approval to increase India's quota in the International Monetary Fund follows Fourteenth General Review of Quotas of the agency.
India should give greater priority to markets and trade liberalisation than to capital market liberalisation, a top official of the International Monetary Fund has said.
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".
With many countries piling up massive debts in the wake of the global crisis, the International Monetary Fund has cautioned that 'fiscal sustainability' is going to be a big problem for the coming several years.
'India has benefited from lower oil prices and remains the fastest-growing large economy in the world.'
Even though inflation in India may not seem too high now, it is imperative that New Delhi deals with it immediately before it spills over into other areas, says a senior International Monetary Fund official.
India's economic growth is likely to shrink by 1.25 per cent to 7.9 per cent this fiscal, mainly on account of tight monetary conditions and continued pressure on inflation, the International Monetary Fund said on Friday. The IMF report also warned that investment would be more affected than consumption on account of the tight monetary conditions and fall in global economy following US sub-prime crisis. Compared to China, India has little fiscal space to keep up the growth.
The International Monetary Fund has said that it expects India's economic growth to accelerate and inch closer to that of China.
Lauding India for its "comfortable" foreign exchange reserves, the International Monetary Fund said the country was not in need of any assistance from it.
IMF managing director Horst Koehler said Raghuram Rajan has been at the forefront of his work on banking and financial sector issues.
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 near-term growth has improved: IMF
Indian economy is rebounding strongly providing a golden opportunity to tackle fiscal challenges decisively but steady rise in debt of the central and state governments could constrain the growth, according to a new International Monetary Fund report
Prime Minister Manmohan Singh has expressed disappointment at developing countries being ignored in the selection of the president of world's key financial body, the International Monetary Fund (IMF).
A year after the scandal broke out, the former socialist presidential frontrunner accused the maid, Nafissatou Diallo, of 'knowingly and intentionally making a false report to law-enforcement authorities" that cost him his job, New York Post reported.
Differing with International Monetary Fund's growth forecast of 4.9 per cent for India during 2012, Planning Commission Deputy Chairman Montek Singh Ahluwalia said it has a statistical problem.
It will take a period of time to recover back to the higher levels that India enjoyed in previous years, IMF director said.
The managing director of the International Monetary Fund, on a two-day visit in New Delhi, was speaking at a conference on growth aspects of Indian and Chinese economies.
Citing various macroeconomic parameters that are doing pretty well, India's G20 Sherpa and former CEO of Niti Aayog Amitabh Kant projected that the country is all set to overtake Japan as 4th largest economy in the world by 2025. The size of India's GDP is currently ranked 5th, after the US, China, Germany, and Japan. It overtook the UK in 2022.
