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The Latest Breaking News from International Monetary Fund

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

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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

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…

Asharq Al-Awsat

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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.

Tribune News Service

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…

Asharq Al-Awsat

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.

Reuters

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…

France 24

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.

Reuters

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

The Hindu

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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 Times of India

Forex reserves down by $4.599 billion to $596.458 billion

MUMBAI: The country's foreign exchange reserves declined by $4.599 billion to $596.458 billion in the week ended June 10, RBI data showed 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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Asharq Al-Awsat

Tunisia International Flights to be Cancelled on Thursday

Tunisia International Flights to be Cancelled on Thursday All international flights to and from Tunisia will be cancelled on Thursday due to a national public strike called by the powerful UGTT union, a union official told Reuters on Wednesday. The union called a nationwide strike by employees in state companies…

ABC News

Pakistanis urged to cut down on tea consumption to fix ailing economy

If rising fuel prices, inflation and political turmoil weren't enough, Pakistanis have now been asked to cut down on their daily tea intake.

Bangkok Post

Tourism key to recovery

Tourism will be the key engine supporting Thailand's economic recovery, replacing the slowing export sector, says the Economic Intelligence Center (EIC), a research house under Siam Commercial Bank.

The Times of India

Blinken assures Sri Lanka of support to promote American investments once IMF negotiations are over

COLOMBO: US secretary of state Antony Blinken has assured crisis-hit Sri Lanka of support to promote American investments in the country after the completion of IMF negotiations, as he spoke with Prime Minister Ranil Wickremesinghe to discuss the island nation's current economic and political challenges.

Reuters

Sri Lanka gives public workers extra day off to grow food

Sri Lanka has approved a four-day work week for public sector workers to help them cope with a chronic fuel shortage and encourage them to grow food, the government said on Tuesday, as it struggles with its worst financial crisis in decades.

Reuters

Pakistan to raise taxes on rich, ban some car buying to secure IMF bailout

Pakistan Finance Minister Miftah Ismail said on Friday the government would raise taxes on the rich and ban government officials from buying new cars, amid pressure to control the fiscal deficit and secure International Monetary Fund (IMF) bailout money.

Reuters

Sri Lanka tycoon Dhammika Perera to replace president's brother in parliament

One of Sri Lanka's richest businessmen will replace the president's brother in parliament, a ruling party official said on Friday, as the cash-strapped country moves forward on talks for a bailout plan with the International Monetary Fund (IMF).

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