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The Latest Breaking News from International Monetary Fund

IMF says Sri Lanka needs to talk with China about debt restructuring

The International Monetary Fund (IMF) said Sri Lanka should kick off debt restructuring talks with its bilateral lender China, while the island state's government seeks a financing loan from the Washington-based fund.

Reuters

Egypt Says Negotiations with IMF Ongoing

Egypt and the International Monetary Fund are working to "resolve differences" in ongoing negotiations, Finance Minister Mohamed Maiit told Al-Arabiya on Wednesday. The lender had said on Tuesday in an evaluation of a $5.2 billion stand-by arrangement agreed with Egypt in 2020 that the country needed to make "decisive progress"…

Asharq Al-Awsat

IMF Raises Saudi Economic Growth Forecasts

The International Monetary Fund (IMF) has raised its 2023 growth forecasts for Saudi Arabia’s economy by 0.1% from April to 3.7%. It maintained its projections for the Kingdom’s economic growth during 2022 at 7.6% compared to 4.4% in January. This was revealed Tuesday in its World Economic Outlook report for…

Asharq Al-Awsat

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Now it’s Bangladesh’s turn to ask the IMF for a loan

The finance minister told a local newspaper that while the country has asked for a loan, it is ‘in no way in trouble’.

Al Jazeera

Ukraine aims for $15-20 billion IMF loan by year-end -central bank governor

Ukraine aims to strike a deal for a $15-$20 billion programme with the International Monetary Fund before year-end to help shore up its war-torn economy, the country's central bank governor Kyrylo Shevchenko told Reuters.

Reuters

Pakistan court hands power to Imran Khan ally in key Punjab state

Supreme Court says Khan-backed candidate, Chaudhry Parvez Elahi, was wrongfully denied victory in a vote last week.

Al Jazeera

Russia-Ukraine war: List of key events, day 154

As the Russia-Ukraine war enters its 154th day, we take a look at the main developments.

Al Jazeera

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4 Business Services Stocks to Buy Amid Escalating Economic Headwinds

The International Monetary Fund recently cut its global growth projections for this year and the next amid the deteriorating macro backdrop with the relentless rise in inflation and the geopolitical war. However, despite the economic uncertainties, we think business services stocks Civeo (CVEO), ARC Document (ARC), TriNet Group (TNET), and…

StockNews.com

Pakistan court hands power to ousted premier Khan's ally in key province

Pakistan’s top court on Tuesday ruled to hand control of the country's most populous province, Punjab, to a candidate backed by ousted Prime Minister Imran Khan, triggering fresh political uncertainty in the South Asian nation amidst a crippling economic crisis.

Reuters

IMF says not holding active discussions on potential new SDR issue

A new issue of International Monetary Fund Special Drawing Rights reserves is among options that could be considered to aid countries struggling with spillovers from the Ukraine war but there are no active discussions on the matter, IMF officials said on Tuesday.

Reuters

IMF Cuts Global Growth Outlook, Warns High Inflation Threatens Recession

The International Monetary Fund cut global growth forecasts again on Tuesday, warning that downside risks from high inflation and the Ukraine war were materializing and could push the world economy to the brink of recession if left unchecked. Global real GDP growth will slow to 3.2% in 2022 from a…

Asharq Al-Awsat

World is 'teetering on the edge of recession' as UK set to be weakest G7 economy

The outlook from the IMF isn't rosy

Wales Online

Analysis: Tunisia's Saied savours near total power but faces looming economic tests

By ramming through his new constitution, President Kais Saied has cemented his role as master of Tunisia, heralding a new political era after a brief, difficult experiment with democracy.

Reuters

UK growth forecast downgraded AGAIN as IMF makes gloomy prediction

THE UK’s economic growth is slowing even more due to rampant inflation and it is set to be the weakest economy among the G7 nations next year, the…

The National (Scotland)

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Reuters

Lebanon parliament passes amendments to banking secrecy law - Reuters witness

Lebanon's parliament on Tuesday passed long-awaited amendments to a banking secrecy law, according to a Reuters witness, in the first step towards reforms required by the International Monetary Fund (IMF).

The Guardian - UK

There is a global debt crisis coming – and it won’t stop at Sri Lanka

Foreign capital flees poorer countries at the first sign of instability. The pandemic and Ukraine war ensure there is plenty of that around, says economist Jayati Ghosh

Bangkok Post

Why Sri Lanka imploded so catastrophically

As Sri Lanka's economy unravels before our eyes, one must ask how this could happen in a country historically known for its high standard of living and stable economy. Sri Lanka's achievements go back decades, giving it a per capita GDP that is 70% higher than India's, and a life…

Reuters

How crisis unfolded in Sri Lanka

A deepening economic crisis in Sri Lanka sparked mass protests that forced President Gotabaya Rajapaksa to flee the country, leaving his successor, Ranil Wickremesinghe, to declare a state of emergency while seeking a bailout from the International Monetary Fund.

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The Hindu

‘Advantage New Delhi’ in Sri Lanka’s India lifeline

There is much potential in the humanitarian aid link now to deepen trade and investment linkages

Al Jazeera

Profile: Ranil Wickremesinghe, Sri Lanka’s new president

The veteran politician has been elected president by the members of Sri Lanka’s parliament.

WEKU

Sri Lanka has a new president, but here's why many continue to protest

Sri Lanka's parliament elected longtime politician Ranil Wickremesinghe as the country's new president in a secret ballot on Wednesday. Here's what led to this moment.

The Hindu

A hint of stability: On Sri Lanka’s new dispensation

With a new government in Sri Lanka, India must review its options in extending more help

Asharq Al-Awsat

Saudi Oil Production Capacity at Highest Levels in Over 2 Years

Saudi Arabia's crude oil production grew to 10.538 million bpd in May, rising 0.9 percent from 10.441 million bpd in April.

Reuters

Wickremesinghe, a wily political survivor, elected Sri Lanka's president

Ranil Wickremesinghe, a lawyer who served as Sri Lanka's prime minister a record six times, has finally made it to the top job, securing the presidency after winning a parliamentary vote on Wednesday despite fierce public opposition to his candidacy.

The Hindu

Sharing power with the next generations

A new idea of ‘inter-generational justice’ is gaining traction as a better way of producing a more equitable global order

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