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.
India's forex kitty jumped $5.929 billion to $595.07 billion for the week ended June 2, the Reserve Bank said on Friday. The reserves had dropped for two consecutive weeks and declined by $4.34 billion to $589.14 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.
With a narrow industrial base and dysfunctional politics, and a counter-productive national security agenda, Pakistan could well remain an 'international migraine', observes T N Ninan.
Indian economy is expected to grow at decade low of 4.9 per cent in 2013-14.
In his opening remarks at the virtual summit of Leaders of G20 countries, Modi made it clear that terrorism was "unacceptable" to everyone and the death of civilians, anywhere, was condemnable.
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.
IMF expects growth to pick up to 7.2 per cent.
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.
India's forex reserves rose by $1.66 billion to $586.41 billion as of April 14, marking their second consecutive week of increase, according to the RBI data released on Friday. In the previous reporting week, the overall reserves rose by $6.31 billion to $584.76 billion. For the week ended April 14, the foreign currency assets, a major component of the reserves, increased by $2.20 billion to $516.64 billion, according to the Weekly Statistical Supplement released by the RBI.
Falling for the second consecutive week, India's forex reserves dropped by $4.34 billion to $589.14 billion for the week ended May 26, the Reserve Bank said on Friday. In the previous reporting week, the reserves had declined by $6.05 billion to $593.48 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
India's foreign exchange reserves jumped $4.53 billion to $588.78 billion for the week ended April 28, the Reserve Bank of India said on Friday. The overall reserves had dropped $2.16 billion to $584.25 billion in the previous reporting week. In October 2021, the country's forex reserves had touched an all-time high of $645 billion.
India will encourage greater investments in Sri Lanka's economy, especially in areas of energy, tourism and infrastructure, External Affairs Minister S Jaishankar said on Friday, as he expressed India's solidarity with the debt-ridden Island nation during its "difficult moments".
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.
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.
Prime Minister Manmohan Singh on Thursday partly blamed International Monetary Fund for the current global economic crisis.
The multilateral body has also asked the policymakers to take action to reduce risks arising from increased scarcity of oil resources.
The International Monetary Fund will launch a donor-supported fund to combat money laundering and terror fund, a growing menace in the financial world.
The BRICS nations on Friday underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations, also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre. It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023.
Mexican bank head seeks support for IMF post.
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.
India's foreign exchange reserves dropped by $6.05 billion to $593.48 billion during the week ended May 19, RBI said on Friday. The drop in the kitty has snapped two consecutive weeks of increases. In the previous reporting week, the overall reserves had increased by $3.5 billion to take the overall quantum just shy of $600 billion.
The overall reserves had dropped by $4.53 billion to $588.78 billion in the previous reporting week. In October 2021, the country's forex reserve had reached an all-time high of $645 billion. The reserves have been declining as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments.
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.
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.
Process of selecting the next IMF managing director should transcend North Atlantic considerations.
IMF managing director Dominique Strauss-Kahn said that many Asian economies are already unwinding stimulus measures.
IMF policymakers have said they will come up with ideas on how to push ahead with reform by mid-December.
The overall reserves had jumped by $7.2 billion to $595.98 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.
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.
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.
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.
India's forex reserves dropped by $2.164 billion to $584.248 billion for the week ended April 21, the Reserve Bank said on Friday. In the previous reporting week, the overall kitty had risen by $1.657 billion to $586.412 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The IMF expressed its opposition to any move that compromises the independence of central banks anywhere in the world.
Gulf Cooperation Council member countries will see their gross domestic product grow at 5.2 per cent in 2010 on the back of rising oil revenues, the IMF has said.
The World Bank on Wednesday cut India's economic growth projection to 6% for the current fiscal from 6.9% estimated earlier and blamed the slow down on corruption scandals and a host of policy issues including uncertainty in tax policies.
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