A third of the global economy will be in recession this year, the IMF chief has said, and warned that 2023 will be "tougher" than last year as the US, EU and China will see their economies slow down. Kristalina Georgieva, the chief of the International Monetary Fund (IMF) made these grim assertions on Sunday during a CBS news programme "Face the Nation." It comes at a time when the ongoing conflict in Ukraine shows no signs of abating after more than 10 months, with spiralling inflation, higher interest rates and the surge in coronavirus infections in China fuelled by the Omicron variant.
International Monetary Fund (IMF) Deputy Managing Director (MD) Gita Gopinath has condemned the "terrible and disturbing" incident of rape and murder of a trainee doctor in Kolkata. "Personally, it is terrible to have any event of this kind. It is disturbing," she told Business Standard in New Delhi.
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.
Foreign exchange reserve, often taken as a yardstick to gauge a country's financial strength, are the foreign currency deposits and bonds held by central banks or monetary authorities (it is Reserve Bank in case of India).
The country's foreign exchange reserves rose by $2.04 billion to $639.52 billion in the week ended October 8, according to RBI data. In the previous week ended October 1, the reserves had dipped by $1.17 billion to $637.48 billion. The reserves had surged by $8.90 billion to a life time high of $642.45 billion in the week ended September 3.
Khan, 71, has been lodged at the Adiala Jail in Rawalpindi on account of multiple cases against him.
Many including IMP oppose allowing industrial houses to set up banks.
Inflation in India is going to be a persistent problem.
The country's foreign exchange reserves dipped by $1.17 billion to stand at $637.48 billion in the week ended October 1, RBI data showed on Friday. In the previous week ended September 24, 2021, the reserves had declined by $997 million to $638.65 billion. The reserves had surged by $8.90 billion to a lifetime high of $642.45 billion in the week ended September 3, 2021.
"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.
The country's foreign exchange reserves declined by $997 million to reach $638.646 billion in the week ended September 24, RBI data showed on Friday. In the previous week ended September 17, 2021, the reserves had tumbled by $1.47 billion to $639.642 billion. The forex kitty had surged by $8.895 billion to a lifetime high of $642.453 billion in the week ended September 3, 2021.
The country's foreign exchange reserves grew by $2.23 billion to $634.96 billion in the week ended January 14, RBI data showed. In the previous week ended January 7, the reserves had declined by $878 million to $632.74 billion. It touched a lifetime high of $642.45 billion in the week ended September 3, 2021.
Gold, a safe-haven bet, is likely to continue its record-smashing journey in the New Year, rising to Rs 85,000 per 10 grams and even Rs 90,000 level in domestic markets if geopolitical tensions and global economic uncertainties continue.
'Nations like India with high inflation and public debt should be cautious'
International Monetary Fund managing director Dominique Strauss-Kahn on Thursday said he favoured new heads of the World Bank and the Fund to be from countries other than Europe and the United States.
Saris were in vogue at the dinner President Droupadi Murmu hosted for G20 leaders on Saturday evening and earlier as well on Saturday morninbg when Kyoko Jaishankar, External Affairs Minister Subrahmanyam Jaishankar's wife, hosted the leaders's spouses in New Delhi.
The International Monetary Fund has said that it would be prudent to gain sufficient experience by implementing a comprehensive framework before deciding on the entry of 'mixed groups and conglomerates' into commercial banking.
The areas for improvement include greater de jure independence of regulatory agencies, consolidated supervision of financial conglomerates and reductions in the large exposures and related-party lending limits in banks.
The announcement of results was delayed beyond normal, giving air to speculation about vote rigging.
The multilateral lending agency, however, expressed concern over rising prices and underlined the need
The country's foreign exchange reserves rose $183 million to touch a record high of $560.715 billion in the week ended October 30, RBI data showed on Friday. In the previous week ended October 23, the reserves had jumped $5.412 billion to $560.532 billion.
The United States continues to remain the world's largest economy.
Pointing out that global economy continues to vulnerable, the declaration issued at the end of the two-day G-20 summit in Los Cabos said, "this effort (to provide $450 billion to the IMF) shows the G-20 and the international community's commitment to take the steps needed to safeguard global financial stability and enhance the IMF's role in crisis prevention and resolution."
In the steepest weekly fall ever, India's forex reserves slid by $11.17 billion to $606.47 billion as the currency came under pressure due to geopolitical developments, according to the Reserve Bank data released on Friday. For the previous reporting week ended March 25, the overall reserves had slid by $2.03 billion to $617.65 billion. The steep fall in the reserves was because of a decline in the core currency assets, which fell by $10.73 billion to $539.73 billion.
The securities regulator's approval for the first US-listed exchange traded funds (ETF) to track bitcoin has given Indian cryptocurrency companies hope that the move would create domestic support for the digital assets. The US Securities and Exchange Commission (SEC) on Thursday approved 11 ETFs for bitcoin, perhaps the most popular virtual currency. It would enable investors to access bitcoin without challenges such as setting up wallets or accounts with crypto exchanges that have previously suffered cyberattacks or implosion.
At the IMF, India is expected to link announcement of additional resources to the IMF to the implementation of 2012 quota reform.
Gold reserves rose by $320 million to $31 billion.
It will take a period of time to recover back to the higher levels that India enjoyed in previous years, IMF director said.
To avoid it, the economies need to improve govt institutions and liberalise rigid labour markets.
The IMF on Tuesday projected a growth rate of 6.1 per cent for India in 2023, which is a 0.2 percentage point upward revision compared with the April projection. This is reflective of the "momentum" from stronger-than-expected growth in the fourth quarter of 2022 as a result of stronger domestic investment, the International Monetary Fund (IMF) said. "Growth in India is projected at 6.1 per cent in 2023, a 0.2 percentage point upward revision compared with the April projection," it said in its latest update of the World Economic Outlook.
The Bush administration voted for the Canadian candidate instead of Chidambaram, who till end of September had been the front-runner to head the IMF's influential Monetary and Financial Committee.
Pranab said he had clarified this issue in no uncertain terms with US Treasury Secretary who had brought up this issue during bilateral talks.
India will soon allow corporate houses to open banks despite misgivings within the RBI.
Lagarde said that she had elaborate discussions on the general economic situation.
Gold reserves rose by $321 million in the reporting week to $37.521 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.
The country's foreign exchange reserves rose by $835 million to touch a record high of $612.73 billion in the week ended July 16, 2021, RBI data showed. In the previous week ended July 9, 2021, the reserves had surged by $1.883 billion to $611.895 billion. In the reporting week ended July 16, 2021, the increase in forex reserves was on account of the rise in foreign currency assets (FCA), Reserve Bank of India's (RBI) weekly data released on Friday showed.
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.
IMF has predicted a slowdown of world economic growth and approves of Fed Reserve's move of cutting its interest rate.
The country's foreign exchange reserves declined by a massive $6.24 billion to reach $583.945 billion in the week ended February 5, RBI data showed on Friday. In the previous week, the reserves had touched a record high of $590.185 billion after rising by $4.852 billion. In the reporting week ended February 5, the decline in the forex kitty was mainly on account of a fall in foreign currency assets (FCAs), a major component of the overall reserves.
