The race for the top position at the Bank is really heating up.
Indian economist Kalpana Kochhar, who heads the Human Resources Department of the International Monetary Fund, is leaving the organisation to join the Bill and Melinda Gates Foundation, the IMF announced on Wednesday. Kochhar, who served in various senior positions during her three decades at the IMF, will retire on July 30, it said.
While there is little doubt that the emerging economies present the best chances for economic growth, not all countries will prosper at the same rate, says the Wealth Report 2012 by Knight Frank & Citi Private Bank.
Greece was an opportunity for the IMF to set a precedent for an orderly debt resolution programme.
"India did a self-assessment (by the Committee on Financial Sector Assessment, or CFSA) of its financial sector in 2009. This has given us the confidence to get our financial sector evaluated by international financial institutions like IMF and the World Bank. We have voluntarily sought a full-fledged Financial Sector Assessment Programme," Finance Minister Pranab Mukherjee said at the second International Finance Conference at the Indian Institute of Management, Calcutta.
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.
A US judge on Tuesday dismissed all sex crime charges against former International Monetary Fund head Dominique Strauss-Kahn, a move that could bolster his plans to contest the next French presidential elections in 2012.
Former chief economic advisor on life in government and the reform years.
Indian along with Indonesia showed strong growth despite a global economic slowdown in the final quarter of 2011, according to the International Monetary Fund (IMF).
It would be a difficult task for the Indian economy to reach the $5-trillion mark a year before the International Monetary Fund (IMF) projection of 2026-27. Pankaj Chaudhary, minister of state for finance, said in the Rajya Sabha on Tuesday that the government is taking steps to make the country a $5-trillion economy at a date earlier than the IMF's projection. In that context, it would not be difficult to meet the projection in the third quarter of FY27.
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.
India's forex kitty shrunk by $1.03 billion to $353.33 billion on the back of a dip in the core currency assets, the Reserve Bank said.
Just when you thought that the world was slowly slipping away from the crippling recession that had it in its vice-like grip since 2008, here comes the Irish economic crisis.
Yojana Bhawan is working overtime to complete the crucial Approach paper to the 12th Plan amidst a buzz that Planning Commission Deputy Chairman Montek Singh Ahluwalia may get a Cabinet berth in the reshuffle expected soon.
The Guinean maid, who accused former International Monetary Fund chief Dominique Strauss-Kahn of sexual assault, may face perjury charges and she can also be deported from the United States following claims that she lied under oath, a news report said.
The overall breadth was extremely positive as 1,809 stocks advanced while 982 declined.
He also said that India is in touch with other member countries of the multilateral body in this matter.
Process of selecting the next IMF managing director should transcend North Atlantic considerations.
Strauss-Kahn, 62, allegedly forced the maid at the Sofitel hotel in Manhattan to perform oral sex.
UAE's Minister of State for Financial Affairs Obeid Humaid Al Tayer said on Sunday that the UAE's support for Lagarde came as a result of her role in leading the French Ministry of Finance and in recognition of her achievements, as well as the efforts she has made during the G20 meetings under the rotating presidency of France.
India could emerge as the world's third largest economy by 2030.
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.
Finance Minister Pranab Mukherjee also asserted there's been no pressure by the United States for India to enact financial sector reforms, particularly in the banking and insurance sectors, on the eve of President Obama's visit.
Projecting over seven per cent economic growth in Asia this year, the International Monetary Fund on Wednesday said countries in the region will be able to exit stimulus measures earlier than the advanced economies.
Younger brother Marc-Olivier Strauss-Kahn, director at Banque de France, was dressed in slacks and a short-sleeved button-down shirt during the visit, The New York Post reported.
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.
According to the IMF sources, the 27-member European Union bloc had asked the Chinese for support for Lagarde.
The International Monetary Fund head Dominique Strauss-Kahn has said the Indian economy is recovering well and New Delhi would get higher quota in the IMF board, review of which is currently underway, reflecting its enhanced economic standing.
The International Monetary Fund head Dominique Strauss-Kahn has said that the global economic recovery is fragile and remains uncertain as not enough jobs are being created.
As the race for the next International Monetary Fund chief hots up, Finance Minister Pranab Mukherjee on Tuesday said he was in touch with his counterparts from developed and emerging economies on the issue and was keeping a close watch on the developments.
As the International Monetary Fund prepares to replace its disgraced former chief, Dominique Strauss-Kahn, women employees have called for a female boss at the helm of the financial institution, a media report said.
Simultaneously, the White House said it has full faith in the capabilities of IMF to continue with the important role it is playing, despite the setback of its head being behind bars in a New York prison.
International Monetary Fund chief Dominique Strauss-Kahn, widely expected to run for the French Presidency next year, has been arrested in New York over an alleged sex attack on a hotel maid. Strauss-Kahn, 62, managing director of the Washington-based IMF since 2007, was taken off an Air France plane's first-class cabin at the John F Kennedy International Airport and apprehended by detectives. "He is being arrested for a criminal sex act, attempted rape," they said.
Finance Minister Pranab Mukherjee on Wednesday called for flexibility in the framework that the International Monetary Fund (IMF) is in the process of creating, to help countries manage large capital flows that could put economies at risk as they come out of the global financial crisis.
The two bodies have been fighting a running battle over the targets for construction of highways.
Kerala Chief Minister V S Achuthananadan on Sunday hit back at Rahul Gandhi for his jibe at the Communist party of India-Marxist stalwart on his age, calling him an "Amul baby". Achuthananadan also countered Prime Minister Manmohan Singh for his criticism that the Left rule had done serious damage to Kerala and West Bengal, asking him not to speak with "hangover of a former International Monetary Fund officer".
The gold reserves remained stable at $19.335 billion.
'Investors need to expect steady returns over the next one to two years with bouts of high volatility.'
Pointing out that action should be immediate, IMF said there should be a collective effort and that each country that has fiscal space should contribute. According to the agency, as the current crisis would last at least for several more quarters, the fiscal stimulus can rely, more than is usual, on spending measures.
The banking regulator was uncomfortable with the runaway pace at which consumer credit was growing.
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