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The Latest Breaking News from International Monetary Fund

Sri Lanka calls for $1 billion debt restructure as crisis rages

Sri Lanka must urgently seek funds from multilateral lenders and aim to restructure a debt payment due in July, its outgoing finance minister said on Thursday, pleading for political stability amid the country's worst economic crisis in decades.

Reuters

Financial warfare: will there be a backlash against the dollar?

The sanctions freezing Russia’s foreign currency reserves have created an incentive for countries to bypass the US currency

Financial Times

In stunning reversal, protests leave Sri Lanka's ruling dynasty teetering

In 2020, Mahinda Rajapaksa won elections to become Sri Lanka's prime minister, serving under his brother and president Gotabaya. In 2021, another sibling, Basil, was named finance minister, tightening the family's hold on power.

Reuters

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Gotabaya loses majority in parliament

Over 40 MPs including from allies of ruling SLPP alliance sat as a separate block

The Hindu

Call for greater focus on developing Covid vaccines that block transmission

Experts have warned that the pandemic could ‘reverberate’ around the world for years to come.

The Independent UK

NEWSMAKER-Unheralded Costa Rican economist's unlikely path to presidency

Rodrigo Chaves was an unheralded economist in his native Costa Rica until a series of personal setbacks propelled him into a brief, ill-fated spell in government, then into the race for the presidency, which he won on Sunday.

Reuters

IMF Warns Russia Sanctions Could Hurt US Dollar Dominance, Cause Fragmentation In Global Financial System: FT

IMF's first deputy MD Gita Gopinath warned that the Western sanctions on Russia could create small currency blocs based on trade between separate groups of countries, the Financial Times reports. All of which could gradually dilute the dominance of the U.S. dollar leading to a more fragmented international monetary system. Gopinath…

Benzinga

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Lebanon Cabinet Approves Capital Control Law

Lebanon's Cabinet on Wednesday approved a long-delayed draft capital control law that still requires final approval from parliament amid a worsening financial crisis now in its third year, Information Minister Ziad Makari said in televised remarks following the session. Formal capital controls are a policy recommendation of the International Monetary…

Asharq Al-Awsat

Explaining Sri Lanka’s economic crisis

The country’s current situation is due to misguided policies and flawed external advice

The Hindu

IMF Delegation Launches Two-Week Mission in Crisis-Hit Lebanon

An International Monetary Fund (IMF) delegation kicked off talks in Beirut Wednesday as part of a two-week mission aimed at securing progress towards funding for crisis-hit Lebanon. The government is hoping to secure a rescue package to exit a deep financial crisis that started in 2019 and has seen most…

Asharq Al-Awsat

Tunisia's UGTT Warns of Public Sector Strike

Tunisia's powerful UGTT union warned on Wednesday that public sector workers may go on strike to reject a package of economic reforms proposed by the government that it said included privatizations, wage freezes and cuts to subsidies. "The Department of Public Sector and Public Service (within the UGTT) approved the…

Asharq Al-Awsat

Climate-Related Disasters Pose ‘Major’ Growth Threat in Middle East, Central Asia, Warns IMF

The frequency and severity of climate-related disasters are rising faster in the Middle East and Central Asia than anywhere in the world, posing a "major threat" to growth and prosperity, IMF Managing Director Kristalina Georgieva said. A new International Monetary Fund paper showed that climate disasters in the region injured…

Asharq Al-Awsat

Egypt Asserts New IMF Program Won't Entail New Burdens on Citizens

Egypt's Finance Minister Mohamed Maait said that the new program with the International Monetary Fund (IMF) aims to maintain the economic reform program and ensure the sustainability of growth rates, asserting that it won't entail any additional burdens on citizens. Egypt kicked off talks with IMF officials to consult on…

Asharq Al-Awsat

Lebanese parliament to debate capital control law

A draft Lebanese capital control law will be discussed by parliamentary committees on Monday and put to a vote on Tuesday if the text is agreed, two lawmakers said, a new bid to pass the long-delayed law amid a standoff between banks and some judges.

Reuters

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The Independent UK

Lebanese PM expects progress in talks with IMF over meltdown

Lebanon's prime minister says talks between his government and the International Monetary Fund over an economic recovery plan should make progress in the next two weeks

Asharq Al-Awsat

Lebanon's Banks Threaten to Sue the State

A senior Lebanese official in the financial sector warned that the country was in a severe monetary crisis as a result of explicit duplicity in the state to dealing with the governance of the central bank and the banking system. The danger looms at a time when the talks with…

Asharq Al-Awsat

Lebanon’s Mikati Expresses Hope of IMF Accord in Weeks

A delegation from the International Monetary Fund will start talks in Lebanon on March 29, Prime Minister Najib Mikati said on Saturday, expressing hope of a deal in the coming weeks. "Next Tuesday they will start their mission in Lebanon," he told reporters on the sidelines of the Doha Forum…

Reuters

Exclusive-IMF board approves $45 billion Argentina program -sources

The International Monetary Fund's executive board on Friday approved a $45 billion program for Argentina after more than a year of negotiations, two sources with direct knowledge said, allowing the South American grains exporter to avoid a costly default with the Washington-based lender.

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Reuters

Sri Lanka to seek World Bank support alongside IMF loan programme - sources

Sri Lanka will seek World Bank assistance to stave off a severe economic crisis in addition to an International Monetary Fund (IMF) rescue plan to be discussed next month, two sources said.

Asharq Al-Awsat

Egypt Requests New IMF Loan

Egypt will apply for a new loan from the IMF, the Washington-based crisis lender announced Wednesday, after Russia's invasion of Ukraine caused inflation to spike in the Middle Eastern nation. "The rapidly changing global environment and spillovers related to the war in Ukraine are posing important challenges for countries around…

The Conversation

What explains food price hikes in Kenya. And what should be done

Kenyans are caught in the grip of higher food prices brought about by a combination of adverse weather, rising input costs – which have been worsened by the Ukraine war – as well as policy adjustments the government agreed to to access funding from the International Monetary Fund. The prices…

The Guardian - UK

There’s an easy way to help Ukraine without military escalation: cancel its foreign debt

A country battered and bruised by Russia’s invading forces needs space to breathe – not demands from hedge funds, says Guardian columnist Owen Jones

Reuters

IMF board to meet March 25 over Argentina debt deal: statement

The International Monetary Fund's executive board will meet on March 25 to discuss Argentina's request for a debt deal, an IMF spokesman said on Saturday.

Tribune News Service

Ukraine war Hits world economy like an earthquake, IMF head says

The war in Ukraine is like a powerful earthquake that will have ripple effects throughout the global economy, especially in poor countries, according to the head of the International Monetary Fund.

Reuters

Argentina's Senate gives thumbs up to $45 billion IMF debt deal

Argentina's Senate voted late on Thursday to approve a $45 billion debt deal with the International Monetary Fund (IMF), converting the agreement into law and ensuring that the economically battered country can avoid another messy default.

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