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 International Monetary Fund sees a long war in Iraq cutting global economic growth by up to two percentage points from a revised 2003 forecast of 3.3 per cent, Germany's Handelsblatt daily reported on Tuesday.
India's forex reserves dropped $2.901 billion to $593.19 billion in the week ended June 23, the Reserve Bank said on Friday. The overall reserves increased by $2.35 billion to $596 in the previous reporting week. It can be noted that in October 2021, the country's forex kitty had 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.
China on Tuesday inked an agreement worth a whopping USD 4.8 billion with cash-strapped Pakistan to set up a 1,200-megawatt nuclear power plant as a sign of increasing strategic cooperation between the two all-weather allies.
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.
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.
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.
Indian economy is expected to grow at decade low of 4.9 per cent in 2013-14.
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.
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.
IMF expects growth to pick up to 7.2 per cent.
Ahead of the Union Budget for 2023-24, Budget makers have welcomed the global consensus view that India will remain one of the bright spots in calendar year 2023. But there is some alarm over the grim global situation and how that might impact the Centre's projections and assessments for next financial year. The big global headwinds include a deep and sustained recession in the West, including India's biggest trading partners in North America and Europe, continuing volatility in commodity markets, and renewed Covid-19 fears, as lifting of strict curbs by China could potentially lead to a massive spread again.
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, 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.
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.
The multilateral body has also asked the policymakers to take action to reduce risks arising from increased scarcity of oil resources.
Mexican bank head seeks support for IMF post.
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.
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.
India's forex reserves have swelled by $12.74 billion to $609.02 billion in the week ended July 14, making it one of the strongest weekly surges in the kitty in recent times, the Reserve Bank of India said on Friday. In the previous reporting week, the overall reserves had risen by $1.23 billion to $596.28 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
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.
Process of selecting the next IMF managing director should transcend North Atlantic considerations.
India's forex reserves increased by $2.35 billion to $596.098 billion for the week ended June 16, the Reserve Bank said on Friday. The overall reserves had dropped by $1.32 billion to $593.75 billion in the previous reporting week. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
IMF managing director Dominique Strauss-Kahn said that many Asian economies are already unwinding stimulus measures.
IMF policymakers have said they will come up with ideas on how to push ahead with reform by mid-December.
In recent times, the multilateral lending agency extended financial aid to crisis-hit nations such as Greece and Romania.
The G20 leaders will deliberate on pressing global issues at the grouping's annual summit here on September 9 and 10. India is hosting the summit in its capacity as the current G20 chair.
India's forex reserves dropped by $1.32 billion to $593.75 billion for the week ended June 9, the Reserve Bank of India said on Friday. The overall reserves had jumped by $5.93 billion to $595.07 billion for the previous reporting week. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
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.
Ahead of the annual meeting of the IMF and World Bank here, a top US official indicated on Tuesday that greater representation of emerging economies in the bodies hinged upon their acceptance of greater accountability for the impact of their decisions on the global economy.
With a narrow industrial base and dysfunctional politics, and a counter-productive national security agenda, Pakistan could well remain an 'international migraine', observes T N Ninan.
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.
Gulf Cooperation Council member countries will see their gross domestic product grow at 5.2 per cent in 2010 on the back of rising oil revenues, the IMF has said.
The World Bank on Wednesday cut India's economic growth projection to 6% for the current fiscal from 6.9% estimated earlier and blamed the slow down on corruption scandals and a host of policy issues including uncertainty in tax policies.
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