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The Latest Breaking News from International Monetary Fund

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.

Reuters

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

The Independent UK

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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IMF to crisis-hit Pakistan: Tax the rich, protect the poor

Comments come at the back of a 10-day visit by an IMF delegation, as Pakistan hopes to unlock $1.1bn of crucial funds.

Al Jazeera

It’s high time to rethink how the World Bank operates

Many believe there is little future in trying to tackle problems of the 2020s with institutions created in the 1940s

The Guardian - UK

Year of war in Ukraine left developing nations picking up pieces

Some of the harshest economic effects of the war are being felt much farther afield than Russia’s theatre of battle.

Al Jazeera

IMF, Ukraine reach staff-level deal, paving way for full loan talks

The International Monetary Fund on Friday said it reached a staff-level agreement with Ukraine, setting the stage for talks on a full loan program that would support Kyiv's economy and its bid to join the European Union.

Reuters

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Tunisia crackdown on opposition and media alarms rights groups

Ten public figures arrested since Saturday as President Kais Saied pursues what Amnesty calls a repression of dissent

The Guardian - UK

Poor Pakistanis worry IMF bailout measures risk stark future

Economists say cash-strapped Pakistan’s latest plan for economic recovery is likely to take a painful toll on its poor

The Independent UK

Lebanon’s Finance Minister Says Difficult to Replace C. Bank Head Salameh

Lebanese Finance Minister Youssef Khalil said replacing central bank governor Riad Salameh, who has held the job for three decades, would be difficult and that his term may be extended though no consensus has yet been reached. Salameh, who is being investigated by European and Lebanese prosecutors for alleged embezzlement…

Asharq Al-Awsat

External backers pour billions into Ukraine to counter war damage

Pictures of devastation in Ukraine following Russia's invasion have sparked urgent questions over how its reconstruction can be paid for. But before they can even begin to be answered, Kyiv is seeking billions just to ride out this year.

Reuters

Taking over the Sri Lankan presidential palace was a high point for Wasantha. Then came six months of horror

This 29-year-old spearheaded a protest movement that toppled Sri Lanka's government. But after his triumphant moment, Wasantha was taken into a feared detention system where prisoners have been tortured and killed.

ABC News

Climate advocates urge World Bank overhaul as leader exits

Leading climate figures are urging the Biden administration to use the early departure of the Trump-appointed head of the World Bank as an opening to overhaul the powerful financial institution

The Independent UK

As cash runs out, Pakistan introduces bill to unlock IMF funds

Measures proposed to secure the crucial loan include raising the general sales tax by a percentage point to 18 percent.

Al Jazeera

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The Guardian - UK

Five factors to explain FTSE 100’s record high despite recession

Economy and business backdrop is grim, but the energy boom and shareholder payouts have helped

The Guardian - UK

Rockefeller Foundation boss favourite to succeed David Malpass at World Bank

Calls for White House to lose stranglehold on choosing bank’s leadership

The Times of India

How Pakistan is taking desperate economic measures for IMF bailout

NEW DELHI: The Pakistan government is trying its best to secure a deal with the International Monetary Fund (IMF) for the release of a critical bailout package, failing which it can slump into default.

The Independent UK

China expresses support for Sri Lanka ahead of debt meeting

China has expressed support for Sri Lanka ahead of a meeting of lenders to poor economies but gave no indication if it might help to cut debts that have plunged the Indian Ocean island nation into financial and political turmoil

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The Independent UK

Pakistan in bailout bid sharply raises natural gas taxes

Cash-strapped Pakistan sharply increased taxes on natural gas to comply with a long-stalled financial bailout, and both industrial and everyday consumers were expected to feel the pain

The Times of India

India: China should take losses in poor-nation debt rework

NEW DELHI: China must stop taking positions that block debt relief to some of the world’s poorest nations and be willing to take losses on its loans to them, India said in its capacity as the current Group of 20 leader.

Fortune

America is probably going to avoid a recession and that's giving markets a 'good reason to be more upbeat,' according to the head of the IMF

Kristalina Georgieva struck a positive tone in a Monday interview, arguing the resilient labor market and China's reopening will boost the U.S. economy.

Reuters

IMF, Pakistan to resume talks on unlocking bailout funds, official says

Talks between the International Monetary Fund and Pakistan will resume virtually on Monday, a Pakistani official said, as the two sides look to reach a deal to unlock funding critical to keep the cash-strapped south Asian country afloat.

Reuters

IMF to meet Ukraine officials in Warsaw next week -source

International Monetary Fund staff will meet with Ukrainian officials in Warsaw next week, a source familiar with the plans said on Friday, as Ukraine presses for a multi-billion dollar borrowing program to cover its funding needs given Russia's war.

The Times of India

Pakistan fails to reach deal with IMF: What it means for economy

NEW DELHI: Cash-strapped Pakistan's woes deepened further after it failed to reach a consensus with International Monetary Fund (IMF) for $1.1 billion funding.

The Times of India

Top international stories of the day

Rescuers pulled several people alive from the shattered remnants of buildings on Friday, some who survived more than 100 hours trapped under crushed concrete in the bitter cold after a catastrophic earthquake slammed Turkey and Syria, killing more than 22,000.

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