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The Latest Breaking News from International Monetary Fund

Lebanon MPs Pass Second Attempt at New Banking Secrecy Law

Lebanon's parliament on Thursday passed another round of amendments to a banking secrecy law after the International Monetary Fund said a previous draft retained key deficiencies. The IMF has laid out a list of reforms, including amending its banking secrecy law, that Lebanon must implement before it can gain access…

Asharq Al-Awsat

OECD Expects Saudi Arabia to Top G20 Economies for 2 Years

The real GDP growth projections of the Saudi economy are expected to reach 9.9 percent this year, and six percent in 2023, recording the highest growth rate among the G20 countries, according to a report by the Organization for Economic Cooperation and Development (OECD). The report "OECD Economic Outlook Interim…

Asharq Al-Awsat

IMF reaches staff agreement with Somalia, eyes debt forgiveness in late 2023

International Monetary Fund staff on Monday reached a staff-level agreement with Somalia that will allow the release of about $10 million to the East African country, once approved by the board, the head of the IMF mission told Reuters.

Reuters

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Ministry eyes steps to spur spending

The Finance Ministry is considering new measures to encourage spending in a bid to maintain the Thai economic recovery, according to Pornchai Thiraveja, director-general of the Fiscal Policy Office (FPO).

Bangkok Post

Tourism, consumption lead GDP growth

The economy is on course for continuous recovery driven by increasing tourism activities and active private consumption, with the growth rate expected to return to pre-Covid level by the end of this year or beginning of 2023, according to Anucha Burapachaisri, the government spokesman.

Bangkok Post

Bitcoin City: Is El Salvador's Crypto Dream Crashing Down With The Market

By Tereza Bízková

Benzinga

IMF, Egypt Agree to Finalize Work to Reach Staff-level Agreement ‘Very Soon'

The International Monetary Fund (IMF) and the Egyptian authorities have agreed to finalize work to reach a staff-level agreement ‘very soon’, the multilateral lender said on Saturday. “IMF staff and the Egyptian authorities have held very productive in-person discussions on the margins of the IMF and World Bank Annual Meetings…

Asharq Al-Awsat

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IMF, Tunisia Reach Deal on $1.9 Bn Loan

The International Monetary Fund and the Tunisian government have reached a tentative agreement to unblock a $1.9 billion loan as the country faces grave economic and political challenges. Under the four-year accord, the Tunisian government -- hit by growing public protests at home amid shortages of food and fuel --…

Asharq Al-Awsat

The Observer view on Liz Truss and the sacking of Kwasi Kwarteng

Our now titular prime minister has run out of options, but at least the right has finally loosened its grip on the economy

The Guardian - UK

IMF meetings have exposed the fragmentation of the global economy

Countries have responded to a series of shocks by looking out for themselves, which could increase volatility and uncertainty

The Guardian - UK

Zimbabwe engaging with World Bank, IMF on clearing IFI debt, says finance minister

Zimbabwe is engaging with the World Bank and International Monetary Fund on how to clear its debts with international financial institutions, finance minister Mthuli Ncube said at an IMF press conference on Saturday.

Reuters

Georgieva to meet with Egypt, Tunisia, confident of IMF 'backing them up'

International Monetary Fund chief Kristalina Georgieva said she would meet on Saturday with delegations from Egypt and Tunisia and was confident the global lender would be "backing them up."

Reuters

IMF chief Georgieva says 'big policy issues' resolved in talks with Egypt

International Monetary Fund officials have resolved all "big policy issues" with Egyptian authorities in their discussions on a new lending program, and will meet again on Saturday, IMF Managing Director Kristalina Georgieva said Friday.

Reuters

Kwasi Kwarteng: only a desperate prime minister sacks a chancellor

Having seen her government’s popularity plummet just weeks after taking office, British prime minister Liz Truss has sacked her chancellor of the exchequer, Kwasi Kwarteng in a bid to save herself. Kwarteng, widely seen as Truss’s right-hand man, was rushed back to London from New York for the occasion, where…

The Conversation

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Reuters

IMF countries strengthen calls to end Ukraine war, Russia blocks communique

International Monetary Fund member countries on Friday issued a near-unanimous call for Russia to end its war in Ukraine, the IMF's steering committee chair said, calling the conflict the single biggest factor fueling inflation and slowing the global economy.

Reuters

Ukraine's Marchenko to chair IMF, World Bank governing boards in 2023

The shareholders of the International Monetary Fund and World Bank on Friday selected Ukrainian Finance Minister Serhiy Marchenko as the next rotating chair of the boards of governors of both institutions in 2023.

Evening Standard

Liz Truss U-turns on corporation tax after Kwasi Kwarteng sacked

Liz Truss tore up the mini budget with an £18 billion corporation tax U-turn after sacking Kwasi Kwarteng as Chancellor on Friday. The reversal came as the prime minister held a press conference after a tumultuous day where she sacked Mr Kwarteng, one of her closest allies, and appointed Jeremy…

The Times of India

Explained: Why IMF called India's direct benefit transfer scheme a 'logistical marvel'

NEW DELHI: The International Monetary Fund (IMF) has called the deployment of India's direct benefit transfer (DBT) scheme as a 'logistical marvel' which has reached hundreds of millions of people.

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Daily Record

Kwasi Kwarteng flies back to London after days of economic chaos caused by Tory mini-budget

The Chancellor cut short a visit to Washington amid speculation Conservative MPs are already plotting to replace him and Liz Truss.

Asharq Al-Awsat

IMF Sees Middle East Growth at 5%

The Middle East is projected to grow at five percent this year, up from 4.1 percent in 2021.

The Independent UK

Kwasi Kwarteng dashes home early from US for tax U-turn talks as minister insists chancellor’s job is safe

Chancellor leaves IMF meetings early but trade minister Greg Hands downplays significance

The Guardian - UK

Kwasi Kwarteng dashes home early from US amid tax U-turn chaos

Chancellor cuts short International Monetary Fund meetings after insisting his job is safe, as Liz Truss appears to take reins on corporation tax cut

Reuters

Protesters outside IMF, World Bank meeting venues demand urgent climate action

Dozens of protesters demonstrated outside the annual meetings of the International Monetary Fund and the World Bank in Washington D.C. on Thursday, expressing opposition to funding of fossil fuels and demanding urgent action to tackle climate change.

Reuters

IMF meetings marked by push to end Ukraine war, Spain's finance minister says

International Monetary Fund members are calling more strongly for an end to the war in Ukraine, which is having a sharply negative impact on global economic growth, Spanish Finance Minister Nadia Calvino told Reuters on Thursday.

Bangkok Post

Fetco chief condemns Fed policy of 'misguided' hikes

The global economy is on the verge of falling into recession next year as countries have taken the wrong currency management path in response to the US Federal Reserve's aggressive policy rate hikes, a Thai economist warns.

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