Gordan Brown has advised IMF to set up an early warning system to alert economies of impending financial disasters.
The review will now make it mandatory for the world's top 25 financial economies to undergo IMF's surveillance. The check-up was earlier voluntary in nature.
With the US "quietly" supporting him, former Spanish Finance Minister Rodrigo Rato is likely to become the next managing director of the International Monetary Fund, according to media reports.
The government on Tuesday said the IMF had expressed concern about sustainability of India's fiscal situation and debt position.
Moody's Investors Service on Thursday said India is likely continue to face challenges in raising longer-term growth potential and creating enough jobs for its young population in the absence of higher trade openness. In its report on South Asia sovereigns, Moody's said compared with other South Asian economies, India appears to be in a better position to deepen its integration in global value chains, attract FDI and increase exports. The country has better macroeconomic fundamentals, more stable politics and a more developed export sector.
A fresh study by the IMF's India office, however, suggests the battle against inflation may already have been won as far back as last month. Official inflation is measured by the change in the price index (Wholesale or Consumer) over that a month ago (year-on-year). What the IMF has done is to measure the monthly change in this index, and then removed the impact of the change that takes place due to seasonal factors such as the crop coming in.
Concerned over terror funding, the World Bank and the IMF have launched an intense programme using a comprehensive methodology involving 75 client countries to identify the means of formal and information remittances used for money laundering.
There is evidence of asymmetric adjustment to monetary policy
IMF Chief Economist Raghuram Rajan has said that while the Indian government has as strong reason to feel good about the economy, a lot still remains to be done.
International Monetary Fund on Friday warned the Centre of high fiscal deficit that could come in the way of sustaining high growth in the economy, which clocked 8.4 per cent rise in the second quarter of 2003-04.
"It is completely false. I don't know what is the basis of this. I am not a candidate. This is some speculative thing in the New York Times," Ahluwalia said.
At the IMF, India is expected to link announcement of additional resources to the IMF to the implementation of 2012 quota reform.
Advanced economies are projected to grow by just 2.7 per cent in 2010 and 2.2 per cent in 2011, the IMF report said.
The International Monetary Fund and World Bank heads want their shareholders' consensus before working to rebuild Iraq, but some countries worry the United States is trying to use the multilateral lenders to cut out the United Nations.
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.
India's foreign exchange reserves jumped $1.23 billion to $596.28 billion in the week ended July 7, the Reserve Bank of India said on Friday. In the previous reporting week, the overall forex reserves increased $1.85 billion to $595.05 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
The surge in investment in manufacturing seems to have prompted the International Monetary Fund to increase the gross domestic product growth forecast to 8.4 per cent for 2007.
IMF report says billions more cash and debt relief needed
India's foreign exchange reserves rose by $1.85 billion to $595.05 billion in the week ended on June 30, the Reserve Bank of India said on Friday. The overall reserve had dropped by $2.90 billion to $593.20 billion in the previous reporting week. In October 2021, the country's forex reserve had reached an all-time high of $645 billion.
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.
Many factors have been identified as key drivers of the inequality between rural and urban areas in China and India.
In FY23, Indian operations accounted for 41.6 per cent of the consolidated revenue of India's top five multinationals, up from 34 per cent in FY18 and 33.2 per cent and 34.2 per cent in FY21.
"Tests matched a DNA sample submitted by Strauss-Kahn and semen found on the shirt of the hotel maid," the Wall Street Journal reported quoting law-enforcement officials.
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.
India on Monday failed in its bid to prevent China and three other countries from getting more powers in the International Monetary Fund.
India's forex reserves dropped $2.901 billion to $593.19 billion in the week ended June 23, the Reserve Bank said on Friday. The overall reserves increased by $2.35 billion to $596 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 former prime minister Imran Khan in jail, Sharif's Pakistan Muslim League-Nawaz (PML-N) is tipped to emerge as the single largest party in the elections.
The ongoing Greece economic crisis poses a little threat to the rest of the world as the global economy has withstood the stress tests of the last two weeks fairly well.
The world has spent a staggering $11.9 trillion to wriggle out of the financial crisis, a sum which is enough to finance a Pound 1,779 handout for every person living on the planet, The Telegraph said quoting the International Monetary Fund.
Nothing is more promising than countries putting aside hubris and ideological differences to invest in our shared future, observes Durga Sreenivasan, a delegate at COP28.
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.
A day ahead of Mexican Central Bank Governor Agustin Carstens' visit here to seek support for his candidature for the top IMF post, the Finance Ministry on Thursday said the decision on India's vote will be taken by Prime Minister Manmohan Singh.
The eight-day long annual meetings of the World Bank and International Monetary Fund, which began in Dubai on Wednesday, would intensively discuss employment creation, private sector development and financial sector reforms.
Pakistan-India bilateral relations remained frozen for the fourth year over the vexed Kashmir issue but analysts hope the strained ties could be repaired if Nawaz Sharif becomes the prime minister for a record fourth time in the general elections in February in the absence of his main challenger Imran Khan who is in jail in multiple cases.
The International Monetary Fund (IMF) chief Dominique Strauss-Kahn has said the level of debt in the UK is "disturbing" but more government borrowing is necessary to stimulate growth.
