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The Latest Breaking News from International Monetary Fund

IMF cuts India's GDP forecast for FY23 to 7.4%

NEW DELHI: The International Monetary Fund (IMF) on Tuesday slashed India's economic outlook for financial year 2022-23 to 7.4%. The outlook has been revised down by 0.8 percentage point.

The Times of India

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).

Reuters

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

The Guardian - UK

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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…

Bangkok Post

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.

Reuters

‘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

The Hindu

Profile: Ranil Wickremesinghe, Sri Lanka’s new president

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

Al Jazeera

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Sri Lanka's economic collapse needs immediate global attention: UN experts

UNITED NATIONS: Sri Lanka's economic collapse needs immediate global attention, not just from humanitarian agencies, but also from international financial institutions and other countries who must come to the bankrupt country's aid, according to UN human rights experts.

The Times of India

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.

WEKU

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

The Hindu

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.

Asharq Al-Awsat

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.

Reuters

Lessons of fiscal prudence, not having culture of freebies to be drawn: Jaishankar at all-party meet on Sri Lanka

NEW DELHI: The government told an all-party meeting on Tuesday that India is naturally worried over the Sri Lankan crisis and there are "very strong" lessons of fiscal prudence, responsible governance and not having "a culture of freebies" to be drawn from it.

The Times of India

Explained: How India emerged to be Sri Lanka's top lender in 2022

NEW DELHI: Crisis-hit Sri Lanka found most support in neighbour India as it emerged to be the island nation's source of assistance amidst the economic collapse.

The Times of India

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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

The Independent UK

Cutting UK taxes now would be a mistake, International Monetary Fund warns

Only Rishi Sunak has said he will not start cutting taxes if he becomes prime minister

The Guardian - UK

Tory leadership field to be cut to four as IMF warns against tax cuts

Tom Tugendhat most likely to be eliminated after bruising ITV debate marked by Sunak and Truss clashes

Asharq Al-Awsat

Pakistan's Khan Calls for Early Election after State Assembly Victory

Former Pakistan prime minister Imran Khan called again Monday for an early national election after his party seized control of the state assembly in Punjab, the country's most populous province. Twenty seats were up for grabs in the Punjab by-election, which was seen as a popularity test for the former…

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Al Jazeera

Pakistan’s Imran Khan calls for early polls after Punjab victory

The Punjab state assembly vote is being seen as bellwether for national election that must be held by October next year.

Bangkok Post

Dark clouds on the horizon

The drumbeat warning of recession is getting louder and more frequent, based on reports from the US and other major economies.

The Conversation

Ghana’s return to the IMF within three years underscores its deeper economic problems

Ghana is again seeking assistance from the International Monetary Fund (IMF) to enable the country to meet its payments to the rest of the world and restore the health of government finances. It is the second time in the past three years and 17th since independence in 1957 that Ghana…

ABC News

Sri Lanka's protests started with plan hatched in a tent. Within months, thousands would storm the president's luxury residence

Inside a tent across the road from Colombo's famous seaside park, plans were hatched to occupy the luxury residence of the president and the prime minister's office. After months of demonstrations, these protesters have hope for the future.

The Times of India

Forex reserves fall $8.062 billion to $580.252 billion

MUMBAI: The country's foreign exchange reserves declined by a massive $8.062 billion to $580.252 billion in the week ended July 8, according to RBI data.

France 24

Sri Lanka PM becomes acting president, election set for July 20

Sri Lanka's parliament will vote on a new president Wednesday, July 20, the speaker's office said, following the resignation of President Gotabaya Rajapaksa after he was driven out of the country. Former Prime Minister Ranil Wickremesinghe was sworn in as acting president on Friday.

Asharq Al-Awsat

Sri Lankan Speaker Says President's Resignation Accepted

The resignation of Sri Lanka's president has been accepted, the crisis-hit country's parliamentary speaker announced Friday, after he fled the country earlier this week and notified him from Singapore that he was stepping down. The formal declaration makes Gotabaya Rajapaksa -- once known as 'The Terminator' for his ruthless crushing…

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