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The Latest Breaking News from International Monetary Fund

World Bank Promises ‘Concessionality’ in Debt Restructuring

The World Bank will "provide as much concessionality to the debt treatment" for distressed economies as possible, its president told a meeting with the International Monetary Fund, India, China, and other creditor nations on Saturday. The remarks come amid calls by China, the world's largest bilateral creditor, that global lenders…

Asharq Al-Awsat

G20 Finance Chiefs Differ on Debt, Russia-Ukraine War

Finance leaders of the world's biggest economies were entangled in differences on Saturday over the war in Ukraine and on resolving the debt burden of distressed developing nations, participants said. The meeting of finance ministers and central bank chiefs of the Group of 20 (G20), hosted by India, was likely…

Asharq Al-Awsat

Most G20 nations condemn Russia for war, China silent

Finance chiefs of the world's largest economies strongly condemned Moscow for its war on Ukraine on Saturday, with only China and Russia itself declining to sign a joint statement.

Reuters

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IMF flags debt restructuring hurdles, says banning crypto should be an option

There are some disagreements over restructuring debt for distressed economies, the chief of the International Monetary Fund said on Saturday on the sidelines of a G20 meeting, adding that banning private cryptocurrencies should be an option.

Reuters

Multilateralism is still the best course of action

The great statesmanship and leadership that the United States showed during and after World War II is well known. America was the world's preeminent political, economic, and military power, and instead of using its position to penalise the losers and demand reparations, it helped plan and found multilateral global-governance institutions…

Bangkok Post

Top Wall Street strategist David Rosenberg crushes rosy economic predictions and says ‘no landing’ talk is Wall Street’s ‘biggest hoax’ in years

Even if inflation fades, with interest rates staying higher for longer, the founder and president of Rosenberg Research fears a recession is on the way.

Fortune

Ajay Banga: Can former Mastercard chief push World Bank to prioritise climate action?

If selected, Banga will assume a crucial job at the 77-year-old institution that oversees the provision of billions of dollars of funding to developing countries

The Independent UK

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The calculus of war: Tallying Ukraine toll an elusive task

Quantifying the toll of Russia’s war in Ukraine remains an elusive goal a year into the conflict

The Independent UK

France won't sign G20 communique unless it strongly condemns Russia

France will not sign off on a G20 communique unless it contains the same denunciation of Russia's invasion of Ukraine as it did last year, its finance minister said on Friday on the sidelines of a G20 meeting in India.

Reuters

How Sri Lanka sleepwalked over a debt cliff

The issues that led Sri Lanka to become an economic basket case in 2022 serve as a warning for other nations.

360info

Creditors, politicians and 'morons': who's really caught in the government debt trap?

When nations get caught in spiralling debt, it’s future generations who will end up paying the price.

360info

Severe dollar crisis hobbles Bangladesh businesses

The import-dependent nation is facing economic hardship in the wake of Russia’s invasion of Ukraine as prices shoot up.

Al Jazeera

Germany supporting Ukraine, now others must deliver - German finance minister

Germany is already strongly supporting Ukraine and now other countries must do their part, German Finance Minister Christian Lindner said on Thursday after a meeting of the Group of Seven (G7)in the Indian city of Bengaluru.

Reuters

Pakistan’s fresh £580m loan from China intensifies debt burden fears

Loan is on top of £25bn that cash-strapped Islamabad already owes Beijing and Chinese commercial banks

The Guardian - UK

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Reuters

Yellen, G7 urge more aid for Ukraine and adherence to Russia sanctions

Finance ministers from the United States and its G7 allies called for more financial support for Ukraine on Thursday and vowed to maintain tough sanctions on Russia on the eve of the first anniversary of Moscow's invasion.

The Times of India

Fly economy: Pakistan’s belt-tightening begins in high places

ISLAMABAD: Pakistani ministers can no longer fly business class or stay in five-star hotels abroad. And the government thanks them for taking salary cuts.

Tribune News Service

G-7 to extend crucial support for Ukraine’s IMF funding bid

Group of Seven nations plan to offer key support for Ukraine’s effort to access International Monetary Fund financing by the end of March as IMF officials have begun talks with the U.S., people familiar with the matter said.

France 24

Microsoft lobbies EU to approve Activision Blizzard deal

Microsoft is lobbying European regulators to approve its $69 billion takeover bid for video game giant Activision Blizzard. To allay concerns about competition, it's agreed to let Nintendo and Nvidia users access some of its titles. But there are still plenty of roadblocks for what could be the tech industry's…

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Reuters

Pakistan to cut government expenses by 15% in austerity drive

Pakistan's government will cut back allowances and travel expenses of ministers and advisers as part of an austerity drive that will save it 200 billion rupees ($766 million) a year, Prime Minister Shehbaz Sharif said on Wednesday.

Al Jazeera

Tight fiscal leash awaits winner of Nigeria presidential election

Ahead of the election, Africa’s largest economy is in a precarious position due to rising debt and low revenue.

ABC News

Pakistan's resurgent militancy is a 'Frankenstein monster' of its own creation, experts say

Experts fear the return of a vicious and bloody cycle of militancy as two terrorist assaults within weeks claim more than 100 lives in a country grappling with economic meltdown.

Reuters

IMF head says new lending to Ukraine could be 'sizeable'

Ukraine could secure "sizeable support" from the International Monetary Fund under a new, longer-term program, and its economy should see a gradual recovery over the course of this year, IMF Managing Director Kristalina Georgieva said on Tuesday.

Reuters

Electricity bill increase pushes crisis weary Sri Lankans to the brink

The latest electricity price rise in crisis-hit Sri Lanka has left stall owner Mohammed Lafeel in a quandary: the 66% increase means he can't afford to pay for electricity but can't manage without it so goes deeper into debt to keep it on.

The Independent UK

Britain forced to spend £50bn extra on gas since Putin invaded Ukraine, analysis shows

Analysts say cost of gas would have been much lower if the UK energy system had more renewables

Chronicle Live

UK spent £50 billion extra on gas since Ukraine invasion, say analysts

Analysis, carried out by the Energy and Climate Intelligence Unit (ECIU), estimates that the UK paid between £50-60 billion more for wholesale gas in 2022 than in a typical pre-pandemic year

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