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The Latest Breaking News from International Monetary Fund

Sri Lanka Stops Fuel Supply to Non-essential Services as Crisis Worsens

Sri Lanka will shut schools and only allow fuel supplies to services deemed essential like health, trains and buses for two weeks starting Tuesday, a minister said, in a desperate attempt to deal with a severe shortage. Sri Lanka is suffering its worst economic crisis, with foreign exchange reserves at…

Asharq Al-Awsat

Central Bank Chiefs Meet to Discuss Inflation Challenge

Central bank chiefs and economists gather Monday evening at their annual forum in southern Portugal to discuss the best approach to the inflationary challenges exacerbated by Russia's invasion of Ukraine. Some 200 delegates will attend the ECB Forum on Central Banking at a luxury hotel in Sintra, west of Lisbon,…

Asharq Al-Awsat

Lebanon’s Rahi Urges Politicians to Form Government Swiftly

Lebanese Maronite Patriarch Beshara al-Rahi urged fractious politicians on Sunday to speed up the formation of a government to allow authorities to prepare for presidential elections due before the end of October. Najib Mikati was nominated premier for a fourth time on Thursday after securing the support of 54 of…

Asharq Al-Awsat

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Lebanon’s top Christian cleric urges politicians to form government

Lebanon's top Christian cleric urged fractious politicians on Sunday to speed up the formation of a government to allow authorities to prepare for presidential elections due before the end of October.

Reuters

Costa Rica asks IMF for $700 million from new sustainability trust

Costa Rica has told the International Monetary Fund (IMF) it is interested in obtaining a nearly $700 million loan to invest in infrastructure from a newly created fund, the Central Bank said.

Reuters

IMF's Georgieva Says 'Some Pain' May be Necessary to Fight Inflation

The head of the International Monetary Fund on Friday underscored the importance of fighting inflation now to shore up the prospects for economic growth in the future, warning that doing so could cause "some pain" to consumers in the short run. "Success over time (in lowering prices) will be beneficial…

Asharq Al-Awsat

IMF board concludes reviews for Ecuador, unlocking $1 billion

The International Monetary Fund executive board said Friday it had concluded its fourth and fifth reviews for Ecuador's 27-month Extended Fund Facility (EFF), allowing for the immediate disbursement of about $1 billion.

Reuters

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There’s a simple way to unite everyone behind climate justice – and it’s within our power

Cancelling poor nations’ historic debts would allow their governments to channel money into climate adaptation, says Guardian columnist George Monbiot

The Guardian - UK

Lebanon: Mikati Named PM, Urges Action to Secure IMF Deal

Lebanon's Najib Mikati was named prime minister on Thursday, urging fractious politicians to set aside differences to secure an IMF deal which he said was the only chance to save the country from financial collapse. Facing a politically difficult path to agreeing on a new cabinet, Mikati who led three…

Asharq Al-Awsat

Pakistan’s economic muddling and the IMF challenge

The falling rupee, depleting foreign exchange reserves, energy shortage, increasing fuel prices and a complicated external support highlight the contemporary economic crisis Pakistan is in. Will Islamabad find a way out?

The Hindu

Lebanon's Mikati named PM, faces tough path to cabinet

Lebanese caretaker Prime Minister Najib Mikati was designated on Thursday to form a new government, but faces a politically difficult path to agree a new cabinet as the country's devastating financial crisis festers.

Reuters

IMF: Overall Saudi GDP Projected to Grow 7.6%

The International Monetary Fund (IMF) has highlighted solid indicators for the Saudi economy, expecting a 7.6 percent overall GDP growth in 2022. Non-oil growth will increase to 4.2 percent in 2022, with the current account surplus will increase to 17.4 percent of GDP in 2022, said the Fund experts. An…

Asharq Al-Awsat

IMF Says Ready to Begin Aid Talks with Tunisia

The International Monetary Fund is set to begin formal talks on a new financial aid package for Tunisia, to help the North African nation deal with the dire economic situation, an IMF official said Wednesday. The country has been in preliminary discussions with the global lender for a new loan…

Asharq Al-Awsat

Exclusive-Lebanon's Bank Audi, others, disavow banking group's objection to IMF plan

Lebanon's Bank Audi and Al-Mawarid Bank said on Wednesday they disagreed with a letter sent on behalf of the country's banking association that branded a staff-level agreement (SLA) with the International Monetary Fund "unlawful".

Reuters

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Asharq Al-Awsat

Lebanon Banks Association Says It Doesn’t Oppose IMF Deal

The Lebanese banks association ABL said on Wednesday it does not oppose an April draft deal between the government and the IMF, and sees an agreement with the fund as one of the main ways to exit Lebanon's financial crisis. At the same time, the ABL said that financial sector…

Tribune News Service

Sri Lanka’s economy has ‘collapsed,’ prime minister says

Sri Lanka’s economy has “completely collapsed” and an agreement with the International Monetary Fund is the only path to revival, Prime Minister Ranil Wickremesinghe told the parliament on Wednesday.

Asharq Al-Awsat

Tunisia Urges IMF to Consider Social Impact of Reforms

Tunisian President Kais Saied on Tuesday urged the International Monetary Fund to take into account the social impact of any economic reforms it may demand as part of a bailout package. The North African country has been in preliminary discussions with the global lender for a new loan to save…

Reuters

Pakistan, IMF say bailout talks make progress

Key progress has been made in talks on the revival of Pakistan's International Monetary Fund bailout programme, both sides said on Wednesday, with Islamabad expecting the lender to increase the size and duration of the 39-month, $6 billion facility.

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France 24

As global food crisis looms, Sri Lanka offers a cautionary tale

Sri Lanka’s government finally began bailout talks with IMF officials this week after a crippling delay exacerbated a longstanding economic crisis. But as food prices soar amid an impending global food shortage sparked by the Ukraine conflict, Sri Lankans are paying a heavy price for the government’s mismanagement, nepotism and…

Reuters

IMF holds talks in Sri Lanka as cabinet moves to cut president's powers

An International Monetary Fund (IMF) team began bailout talks in Sri Lanka on Monday, as the country's cabinet cleared a constitutional amendment to dilute presidential powers that could assuage protesters amid rising tensions.

Reuters

Tunisian party says will not recognise any deal with international lenders

One of Tunisia's main political parties, the Constitutional Free Party, said on Sunday it would not recognise any agreement that Tunis makes with international lenders in exchange for unpopular reforms, the latest threat to a possible deal with the International Monetary Fund.

The Hindu

India has really helped us during this crisis: Ranil Wickremesinghe

Sri Lanka’s new PM sounds surprisingly upbeat in possibly the toughest assignment of his long political career

Reuters

Ecuador should follow its own path, not IMF's, says protest leader

Ecuador's President Guillermo Lasso should be less focused on following International Monetary Fund (IMF) policies if he is to fix the economic and social problems his people live each day, indigenous protest leader Leonidas Iza said on Friday.

The Independent UK

Public workers strike in Tunisia, signaling national crisis

A nationwide public sector strike in Tunisia is poised to paralyze land and air transportation and other vital activities with the North African nation already in the midst of a deteriorating economic crisis

Asharq Al-Awsat

Public Workers Strike in Tunisia

A nationwide public sector strike in Tunisia is poised to paralyze land and air transportation and other vital activities Thursday with the North African nation already in the midst of a deteriorating economic crisis. Tunisia’s powerful General Labour Union (UGTT) announced the walkout, which was expected to include 159 state…

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