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The Latest Breaking News from International Monetary Fund

Brics expansion: six more nations are set to join – what they’re buying into

One key outcome of the 15th Brics summit, hosted by South Africa, is the decision to invite six more countries to join the group with effect from January 2024. They are Argentina, Ethiopia, Iran, Saudi Arabia, Egypt and the United Arab Emirates. All six had applied for membership. The enlargement…

The Conversation

Fossil fuels being subsidised at rate of $13m a minute, says IMF

Oil, gas and coal benefited from $7tn in support in 2022 despite being primary cause of climate crisis

The Guardian - UK

How the BRICS nations failed to rebuild the global financial order

At its launch almost a decade ago, the BRICS nations’ New Development Bank (NDB) was celebrated as a chance for countries across the Global South to break free of the US-dominated IMF and World Bank and rewrite the rules of financing global development. But while the number of nations signed…

France 24

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India ‘fully supports’ BRICS expansion as summit continues

South African officials say more than 40 countries from the Global South have shown interest in joining the BRICS bloc.

Al Jazeera

Four years into crisis, Lebanon's leaders hope tourism boom will help bypass reforms in IMF bailout

Lebanon's political elites are pushing a recovery plan for the country's financial collapse that would allow them to sidestep tough reforms demanded by the International Monetary Fund

The Independent UK

Can BRICS create a new world order?

Dozens of nations want to join the club as an alternative to the US-led order. But internal fissures could limit BRICS.

Al Jazeera

Argentina's anti-establishment candidate Milei engages IMF in economic talks after shock primary win

Argentina’s right-wing populist presidential candidate Javier Milei has met with International Monetary Fund officials to explain his economic proposals for the country, days after he became the surprise front-runner for the October election

The Independent UK

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The issue is not about India’s GDP, but its JDP

There is a big dissonance between GDP growth and its translation into actual jobs and incomes for people

The Hindu

Despite domestic political turmoil, Pakistan is well placed to boost regional integration

Pakistan is showing clear signs of economic and political crisis. Inflation was recently almost 38%, and the country faces a debt crunch as it tries to manage its trade deficit with the rest of the world. Talks with the IMF over emergency loans have dragged on for months.

The Conversation

Mission: Impossible - Dead Reckoning Part One Director Explains How They Decided On That Shocking Death, But I’m Still Mad About It

Mission: Impossible - Dead Reckoning - Part One's shocking death was explained by director Christopher McQuarrie, but I still don't have to like it.

Cinemablend

Manipur High Court notice to Centre, State, Assam Rifles over contempt plea

The International Meeteis Forum (IMF) had filed a contempt petition before the Manipur High Court alleging that a mob of “Kuki men and women” coming from Churachandpur had vandalised and razed government structures inside the complex where they intended to bury 35 of their dead

The Hindu

Was the Radical Left Correct About the IMF and World Bank?

Alex Gladstein on how "monetary colonialism" has crippled the Third World

Reason

In Today's Wild News, A Key Mission: Impossible Dead Reckoning Scene Was Filmed In Tom Cruise's Garage

The new Mission: Impossible movie was filmed all over the world, including at Tom Cruise's house.

Cinemablend

In previous downturns the world turned to China as an engine of growth – this time that driver may not be there

What might Chinese deflation mean for interest rates, commodity prices and even EV exports outside China?

The Guardian - AU

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Newsroom.co.nz

No big spenders allowed in Labour's campaign

Labour isn’t planning any big political promises during this year’s campaign in hope that voters see it as the fiscally smart choice, writes political editor Jo Moir

The Guardian - UK

Raghuram Rajan: the banker who warned of meltdown in 2005

The former governor of India’s central bank now steers a tricky course between supporting free markets and campaigning against unfettered risk-taking

The Independent UK

Brazil's Lula voices support for more countries joining BRICS group

Brazilian President Luiz Inácio Lula da Silva says he supports more countries joining the BRICS group of large developing nations, which currently includes Brazil, Russia, India, China and South Africa

Cinemablend

Tom Cruise And Christopher McQuarrie Talk What Mission: Impossible’s Sequels Have In Common With Top Gun: Maverick

When it comes to the sequels of Mission: Impossible and Top Gun: Maverick, Tom Cruise and Christopher McQuarrie pointed out a fascinating similarity.

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Al Jazeera

Now a wanted man, Lebanon’s central bank head steps down

Amid accusations of fraud, a tarnished end to a governorship that started in 1993 at the request of the PM.

The Hindu

Along with Japan and India, China can join debt relief effort for Sri Lanka: Nirmala Sitharaman

Ms. Sitharaman said that a comprehensive, better and quicker approach is required to address the problem within the common framework of the IMF and World Bank, as well as “outside” it.

The Independent UK

Pakistan's finance minister says China rolls over $2.4 billion loan for Islamabad for 2 years

Pakistan’s finance minister says Beijing has rolled over a $2.4 billion loan for his country for two years, a move aimed at helping Pakistan overcome a lingering economic crisis

The Hindu

Resilient, but just: On the IMF’s economic outlook and lopsided growth

That there needs to be a concerted global debt resolution initiative to help highly indebted countries from sliding into debt distress cannot be ignored

The Guardian - UK

Russia-Ukraine war at a glance: what we know on day 518 of the invasion

Russia increases conscription age limit; Putin to visit China in October

Zenger

IMF Forecasts Global Growth Slowdown To 3% Amid Decreasing Inflation

Advanced economies bear brunt of slowdown, where growth is likely to fall from 2.7% in 2022 to 1.5% this year and 1.4% next year.‌

The Hindu

Morning Digest | Indian economy to grow at 6.1% in 2023, IMF projects; Opposition for no-trust vote against Narendra Modi government, and more

Read a daily selection of top stories from across India and the world by The Hindu to start your day.

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