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."
IMF has sharply cut its forecast for world growth this year.
Sri Lanka's main opposition party Samagi Jana Balavegaya (SJB) on Monday said it is ready to lead the next government to bring stability to the bankrupt island nation as it grapples with political and economic crises and any resistance to the move in Parliament will be seen as a 'treacherous act'.
It will take a period of time to recover back to the higher levels that India enjoyed in previous years, IMF director said.
India's policy focus in recent months has been, on containment of fiscal deficit, along with measures that would boost investment levels in the economy.
At the IMF, India is expected to link announcement of additional resources to the IMF to the implementation of 2012 quota reform.
Finance Minister P Chidambaram at the Group of 24 Meeting of the Ministers at the International Monetary Fund headquarters in Washington, DC on Thursday.
Wabel Abdallah, a 60-year-old Lebanese national, had been leading the IMF's office in the Afghan capital since 2008.
The United States continues to remain the world's largest economy.
During the week gold reserves stood unchanged at $18.15 billion.
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.
We as customers have to be conscious and careful to sidestep numerous types of frauds made possible under a mindless shift to a digital ecosystem without customer-redress procedures, warns Debashis Basu.
Pakistan is on the verge of strong action by FATF, given its inadequate performance, whereby it managed to pass in only six of 27 items, an official privy to the development said.
India's inclusion in JP Morgan's bond index can channel billions of dollars into India. How will the government securities market handle it?
Union Finance Minister Pranab Mukherjee has brought about a coup in North Block by bringing an Indian Foreign Service officer Venu Rajamoni as Joint Secretary to head multilateral institutions division.
The International Monetary Fund (IMF), in its latest World Economic Outlook report, has slashed its forecast for India's FY23 gross domestic product growth to 8.2 per cent from 9 per cent, saying that higher commodity prices will weigh on private consumption and investment. This was one of the steepest cuts for emerging economies compared to the IMF's January WEO forecasts. Saying that global economic prospects have worsened significantly due to commodity price volatility and disruption of supply chains caused by the war in Europe, IMF cut its global growth outlook for calendar year 2022 to 3.6 per cent from 4.4 per cent, and said both Russia and Ukraine could experience large GDP contractions.
To avoid it, the economies need to improve govt institutions and liberalise rigid labour markets.
IMF's Chief Economist Gita Gopinath will leave her job in January next year and return to the prestigious Harvard University, according to the global financial institution.
Foreign currency assets, which are a major component of the overall reserves, rose by $646.4 million to $386.762 billion.
In the June quarter of FY24, 51 per cent of consumers who took small-ticket personal loans already had more than four credit products at the time of accessing yet another new loan, compared with just 17 per cent in the June quarter of FY20, points out Tamal Bandyopadhyay.
Indian economy is expected to grow by 10 per cent or more in the current fiscal, and 8 per cent plus in the next fiscal year, Niti Aayog Vice-Chairman Rajiv Kumar said on Tuesday. Addressing a book launch event, Kumar further said that seven years of the Modi government has laid a strong economic foundation for businesses to thrive in India. "There was a hiccup (in economic growth) for two years due to COVID-19 pandemic.
The Reserve Bank of India on Thursday decided to keep policy rate unchanged for third time in a row as it maintains heightened vigil on inflation. The rate increase cycle was paused in April after six consecutive rate hikes aggregating to 250 basis points since May 2022.
The Reserve Bank of India on Friday said it will unveil the annual credit policy for 2009-10, which is expected to provide further stimulus to the economy, on April 21.
India will soon allow corporate houses to open banks despite misgivings within the RBI.
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.
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 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.
"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.
China's embassy in Colombo has sought an urgent meeting with senior Sri Lankan authorities after Colombo sought a deferment of the planned docking of a high-tech Chinese research vessel at the strategic Hambantota port over which India raised concerns, sources said.
The IMF, in its latest World Economic Outlook report, also said India is among the economies that may require more tightening to address inflation pressure.
The IMF, in its latest World Economic Outlook report, also said India is among the economies that may require more tightening to address inflation pressure.
It says RBI may have to continue raising rates; prescribes floating sovereign bonds, going for NRI forex swaps again.
India lags behind 132 countries in per capita income.
On global imbalances, Lagarde noted that IMF is assessing external imbalances and misalignments through its new External Sector Report.
Christine Lagarde recently gave a speech in which she outlined steps needed to avoid future global crisis.
The International Monetary Fund has said it broadly supports the series of economic reforms undertaken by India, which is moving in the right direction.
Raghuram Rajan, a former chief economist at the International Monetary Fund, takes charge at the RBI as the country faces its worst economic crunch since a balance of payments crisis two decades ago.
Raghuram Rajan becomes the 23rd governor of Reserve Bank of India.
Prime Minister Narendra Modi Wednesday said the International Monetary Fund (IMF) sees India as a "bright spot" in the global economy and as per the World Bank, India is in a better position to deal with the global headwinds than many other countries. This is because of India's strong "macroeconomic fundamentals", Modi said while virtually addressing the inaugural function of the 7th edition of Invest Madhya Pradesh-Global Investors Summit in Indore. In the past eight years, the government has increased the speed of reforms and removed many hurdles in the way of investments.
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