The pledge was made at an informal meeting of Braliz, Russia, India and China leaders presided over by Prime Minister Manmohan Singh ahead of the opening of the seventh G-20 Summit in this Mexican resort town. Besides India, the other nations in BRICS are China, Russia, Brazil and South Africa.
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.
11th-hour debt restructuring programme offered no concessions to creditors
I think it is a clear objective in India to bring the fiscal deficit down as part of its fiscal consolidation, says Anoop Singh.
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.
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 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.
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.
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.
Indian economy is expected to grow at decade low of 4.9 per cent in 2013-14.
That's why he is now finally focusing on the two things that alone can help: Fiscal expansion -- from December onwards -- and supply management via amended laws and rules that affect business, notes T C A Srinivasa-Raghavan
Deloitte India on Friday said it estimates India's GDP growth at 6.6 per cent in the current fiscal helped by consumption expenditure, exports rebound and capital flows. In its India's economic outlook report, Deloitte said the rapid growth of the middle-income class has led to rising purchasing power and even created demand for premium luxury products and services. With the expectation that the number of middle-to-high-income segments will be one in two households by 2030/31, up from one in four currently, we believe this trend will likely become further amplified, driving overall private consumer expenditure growth, it said.
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.
'Five months after the elections in February 2024, the Pakistan army has not been able to break Imran Khan's resolve and break his political party.'
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
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.
The multilateral body has also asked the policymakers to take action to reduce risks arising from increased scarcity of oil resources.
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.
IMF expects growth to pick up to 7.2 per cent.
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.
Mexican bank head seeks support for IMF post.
After multiple weeks of decline, India's forex reserves increased by $1.15 billion to $585.89 billion during the week ended October 13, according to the RBI data. In the previous reporting week, the overall reserves had dropped by $2.17 billion to $584.74 billion. In October 2021, the country's forex kitty reached an all-time high of $645 billion.
India's foreign exchange reserves declined $867 million to $593.04 billion in the week ended September 15, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves dropped $4.99 billion to $593.90 billion. In October 2021, the country's reserves had touched an all-time high of $645 billion.
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.
Citing details of the contract from the American Federal Procurement Data System, the BBC report claimed that Pakistan signed two contracts with American companies named "Global Military" and "Northrop Grumman" for the sale of 155mm shells.
Process of selecting the next IMF managing director should transcend North Atlantic considerations.
The country's forex reserves dropped by a further $2.166 billion to $584.74 billion for the week ended October 6, the RBI said on Friday. India's forex kitty had gone down by $3.79 billion to $586.91 billion in the previous 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.
In recent times, the multilateral lending agency extended financial aid to crisis-hit nations such as Greece and Romania.
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.
India's recently-enacted agri laws have the potential to increase farmers' income, but there is a need to provide a social safety net to the vulnerable cultivators, IMF's Chief Economist Gita Gopinath has said. Indian agriculture is in need of reforms, she said. There are multiple areas where the reforms are needed, including infrastructure, the chief economist of the Washington-based global financial institution said on Tuesday. The three agri laws, enacted in September last year, have been projected by the Indian government as major reforms in the agriculture sector that will remove middlemen and allow farmers to sell their produce anywhere in the country.
Lula da Silva congratulated Modi and thanked India for its efforts to give voice to the topics of interest to emerging economies.
With the backdrop of the famous wheel from the Konark Sun temple in Odisha, Prime Minister Narendra D Modi welcomed G20 leaders at the Bharat Mandapam, venue of the G20 Summit in New Delhi, on Saturday, September 9, 2023.
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.
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.
