Gordan Brown has advised IMF to set up an early warning system to alert economies of impending financial disasters.
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.
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.
India's forex reserves dropped by $329 million to $578.45 billion for the week ended March 31, on decline in gold reserves, the RBI said on Friday. The forex kitty had risen handsomely in the previous two reporting weeks, and rose by $5.98 billion to $578.78 billion for the week ended March 24. For FY23, the overall kitty has dropped by $28.86 billion.
India's forex kitty rose by $12.80 billion to $572.80 billion in the week ended March 17, the Reserve Bank said on Friday. In the previous reporting week, the reserves had dropped by $2.39 billion to a three-month low of $560.00 billion. It can be noted that in October 2021, the country's forex kitty had reached an all-time high of $645 billion.
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.
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.
At the IMF, India is expected to link announcement of additional resources to the IMF to the implementation of 2012 quota reform.
"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.
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.
India's foreign exchange reserves dropped $325 million to $560.942 billion as of February 24, making it the fourth consecutive week of decline in the kitty, the Reserve Bank of India said on Friday. In the previous reporting week, the overall reserves had declined $5.68 billion to $561.267 billion. In October 2021, the forex kitty reached an all-time high of $645 billion.
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.
Employment in India saw a V-shaped recovery after being adversely impacted between April and June 2020 during the Covid lockdown and during April-June 2021, when the second wave struck, said Krishnamurthy V Subramanian, former chief economic advisor, in a paper released on Friday. Subramanian is now serving as executive director of the International Monetary Fund (IMF). From the official survey data of the National Sample Survey Organisation (NSSO), the paper titled 'Employment in India: Data Sources, Facts, and Trends' showed that both worker-population ratio (WPR) and labour force participation rate (LFPR) were higher, while the unemployment rate was lower during October-December 2022 when compared to the corresponding quarter in 2019.
IMF report says billions more cash and debt relief needed
Many factors have been identified as key drivers of the inequality between rural and urban areas in China and India.
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.
'We should look at is full year's growth rather than quarter numbers.'
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.
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.
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.
"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.
The country's foreign exchange reserves declined by a massive $8.062 billion to $580.252 billion in the week ended July 8, according to RBI data. In the previous week ended July 1, the reserves had dropped by $5.01 billion to $588.31 billion. During the reporting week ended July 8, the decrease in the reserves was on account of a fall in the Foreign Currency Assets (FCA), a major component of the overall reserves, and in the gold reserves, RBI said.
The country's foreign exchange reserves declined by $5.87 billion to $590.59 billion in the week ended on June 17, the RBI data showed. In the previous week ended on June 10, the reserves had dropped by $4.6 billion to $596.46 billion. In the reporting week, the forex reserves fell due to a dip in foreign current assets (FCAs), a major component of the overall reserves, and also in gold reserves, the data showed.
India's growth in the last three financial years has averaged just 1.9%. It is natural to project rapid growth from this low base. Crucial to that would be the assumption that the economy has suffered no lasting damage from the pandemic, observes T N Ninan.
The country's foreign exchange reserves increased by $3.85 billion to $601.36 billion in the week ended May 27, according to RBI data. In the previous week, the reserves rose by $4.23 billion to $597.51 billion. During the reporting week, the rise in forex reserves was due to an increase in the Foreign Currency Assets (FCA) and the gold reserves, according to the Weekly Statistical Supplement released by the Reserve Bank of India (RBI) on Friday.
India on Monday failed in its bid to prevent China and three other countries from getting more powers in the International Monetary Fund.
The Economic Survey 2022-23 (FY23), to be presented a day before Union Budget 2023-24 (FY24), is likely to project India's real gross domestic product (GDP) growth between 6 per cent and 7 per cent for FY24, Business Standard has learnt. The broader theme of the Survey could be on how India has dealt with two years of a global pandemic and the ongoing geopolitical disturbance, the strengths and weaknesses that emerged, and what lessons may be learnt. The much-awaited Survey will be the first one by Chief Economic Advisor V Anantha Nageswaran and his team in the finance ministry's economic division.
India's foreign exchange reserves dropped by $1.49 billion to reach $575.27 billion as of February 3, snapping a three-week rising trend, RBI data showed on Friday. In the previous reporting week, the overall reserves had jumped by $3.03 billion to $576.76 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
India's forex reserves dropped by $5.681 billion to $561.267 billion for the week ended February 17, the RBI said on Friday. This is the third consecutive week of a drop in the reserves after the $8.319 billion decrease in the previous reporting week to $566.948 billion. In October 2021, the country's forex kitty had reached an all-time high of $645 billion.
In an interview with the Financial Times following an assassination attempt this month, Khan said he no longer 'blamed' the US and wants a 'dignified' relationship if re-elected.
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 country's foreign exchange reserves increased by $2.73 billion to $593.32 billion for the week ended June 24 on the back of a surge in the core currency assets, the Reserve Bank of India (RBI) said on Friday. In the previous reporting week, the overall reserves had declined by $5.87 billion to $590.59 billion. In the week ended June 24, the forex reserves swelled due to an increase in Foreign Currency Assets (FCAs), a major component of the overall reserves, and also in gold reserves, RBI said.
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.
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.
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