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.
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
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.
International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn today commended India's role in managing capital inflows, which have already crossed $50 billion this year--about 4 per cent of the country's Gross Domestic Product (GDP).
Asia has more than one candidate who fits the bill.
China, it said, is projected to grow at 6.6 per cent in the current year which will moderate to 6.4 per cent next year.
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.
With the Cabinet clearing the proposed amendment in IMF's Articles of Agreement, India's quota is slated to go up from 1.91 per cent to 2.44 per cent in the world body. As such, India's voting rights are also scheduled to increase from 1.88 per cent to 2.34 per cent, enabling it to have a greater say in the functioning of the Fund.
The global financial system needs more regulatory reforms to reduce the possibility of another meltdown, according to experts at International Monetary Fund.
P Chidambaram said to be able to play a meaningful role in the global governance, the G-20 agenda should be sharper and focused only on those issues on which it can make a distinctive contribution, particularly, on economic and financial matters.
It will take 1/10th of the current expenditure on subsidy to benefit the bottom 40 per cent of the population, according to Laura Papi, Assistant Director, Asia and Pacific Department at the International Monetary Fund.
There is a significant risk that advanced economies could experience another downturn, said the World Economic Outlook report released on Thursday.
Prime Minister Manmohan Singh told the global community that India is willing to increase its contribution to the International Monetary Fund but does not intend to borrow any money from the multilateral lending agency.
International Monetary Fund has completed the sale of 403.3 tonnes of gold, as part of its two-year efforts to bolster the lender's finances that also saw India's central bank purchasing 200 tonnes of the precious metal last year.
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.
In a move intended to reassure the jittery financial markets, the European Commissioner for Monetary Affairs, Olli Rehn, on Thursday stressed the fact that the European Union and the International Monetary Fund (IMF) were aware of the need to move swiftly to help an overly indebted Greece.
'I don't think we have ever seen such alignment of everything that we need in the banking sector.'
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.
The International Monetary Fund (IMF) has said the tightening of monetary policy by India is an 'appropriate' step, as the country is faced with high inflation and needs to consolidate the fiscal measures initiated during the slowdown.
The International Monetary Fund, in its latest World Economic Outlook, projected an average growth rate of about 3.8 percent in market prices for India in fiscal 2013, which is expected to pick up to 5.1 per cent next year.
Cautioning that economic recovery remains tentative, the International Monetary Fund has said global growth is still prone to new "shocks".
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.
The International Monetary Fund has said India should make its financial system more efficient and hasten structural reforms to sustain high economic growth, which averaged about eight per cent in the last three years. \n
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.
The country will get more voice in decision-making at IMF.
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 last year announced tax cuts and increased expenditure to prop up the economy hit by the global economic slowdown.
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The country has enough forex reserves to meet the demand.
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.
11th-hour debt restructuring programme offered no concessions to creditors
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.
Though the IMF wanted him to continue, his university said it won't extend Rajan's leave.
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.
I think it is a clear objective in India to bring the fiscal deficit down as part of its fiscal consolidation, says Anoop Singh.
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.
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.
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