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The Latest Breaking News from International Monetary Fund

The Guardian view on the cost of living crisis: a global emergency

Editorial: Lashed by Covid and soaring prices for food and fuel, a quarter of a billion people face falling into extreme poverty

The Guardian - UK

IMF, World Bank, WFP and WTO urge coordinated action on food security

The World Bank, International Monetary Fund, UN World Food Program and World Trade Organization on Wednesday called for urgent, coordinated action on food security, and appealed to countries to avoid banning food or fertilizer exports.

Reuters

Yellen: Don't help Russia evade sanctions, or else

A speech from the Treasury secretary puts Ukraine war at center of financial diplomacy.

Axios

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Sri Lanka PM offers protesters talks as opposition eyes no-confidence vote

Sri Lanka's prime minister offered talks on Wednesday with protesters calling for the government to step down over its handling of an economic crisis as the opposition threatened to bring a no-confidence motion against it in parliament.

Reuters

Sri Lanka declares default on external debt, first time in history

NEW DELHI: Sri Lanka declared on Tuesday that with critically low foreign exchange reserves, the crisis-hit country will default on its external public debt pending a bailout package from the International Monetary Fund.

Bangkok Post

What's happening in Sri Lanka and how did the economic crisis start?

The island nation of Sri Lanka is in the midst of one of the worst economic crises it’s ever seen. It has just defaulted on its foreign debts for the first time since its independence, and the country’s 22 million people are facing crippling 12-hour power cuts, and an extreme…

The Conversation

Explained: How Sri Lanka fell into debt trap, defaulted on foreign payments

NEW DELHI: Grappling with its worst economic crisis since the country got independence in 1948, Sri Lanka on Tuesday announced a default of $51 billion on foreign debt.

The Times of India

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South Asian Country Defaults On $51B External Debt Amid Concerns Of Food, Fuel Shortages

Amid the deepening financial crisis in the country, Sri Lanka defaulted on its $51 billion foreign debt, pending a bailout from the International Monetary Fund, with whom the talks are scheduled for the end of this month.

Benzinga

Sri Lanka halts debt repayment pending IMF bailout plan

Sri Lanka's government says it is suspending its repayment of foreign debt, including bonds and government-to-government borrowings, pending the completion of a loan restructuring program with the International Monetary Fund to deal with the island nation’s worst economic crisis in decades

The Independent UK

Sri Lanka unilaterally suspends external debt payments, says it needs money for essentials

Sri Lanka's central bank said on Tuesday it had become "challenging and impossible" to repay external debt, as it tries to use its dwindling foreign exchange reserves to import essentials like fuel.

Reuters

IMF sets up administered account to allow donors to fund Ukraine

Ukraine's finance ministry on Monday welcomed the creation of a special new account set up by the International Monetary Fund to give bilateral donors and international organizations a secure way to send financial resources to war-torn Ukraine.

Reuters

BlackRock urged to delay debt repayments from crisis-torn Zambia

Anti-poverty campaigners say world’s largest fund manager refuses to reduce or delay payments on Zambia’s debt

The Guardian - UK

India’s role in a disordered world

New Delhi can play an important role in shaping a new, more democratic, world order

The Hindu

Sri Lanka can overcome economic crisis provided Central Bank is allowed to run independently: Governor

COLOMBO: Exuding confidence in overcoming the unprecedented economic crisis, the newly appointed Governor of the Central Bank of Sri Lanka, Nandalal Weerasinghe said that one of the ways to overcome the current crisis situation is to allow the Central Bank to function independently.

The Times of India

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The Hindu

India eradicates ‘extreme poverty’ via PMGKY: IMF paper

A new (International monetary fund) IMF paper released on Tuesday, titled ‘Pandemic, Poverty, and Inequality: Evidence from India’ reveals that ‘extreme poverty was maintained below 1% in 2020 due to Pradhan Mantri Garib Kalyan Ann Yojana (PMGKY).

Asharq Al-Awsat

New Lebanese Parliament Will Act on IMF Deal, PM Adviser Says

A set of reforms the IMF wants Lebanon to enact before approving a funding deal for the country will largely be left for a new parliament to study, an adviser to the prime minister said on Friday, suggesting little may be done before a May 15 national election. The IMF…

Reuters

Sri Lanka doubles interest rates to tame inflation; stabilise economy

Sri Lanka's central bank doubled its key interest rates on Friday, raising each by an unprecedented 700 basis points to tame inflation that has soared due to crippling shortages of basic goods driven by a devastating economic crisis.

Asharq Al-Awsat

Lebanon: Salameh Hopes IMF Conditions Are Met to Secure Program

Lebanese central bank governor Riad Salameh said on Friday he hoped prior conditions set by the International Monetary Fund (IMF) in a staff-level agreement with Lebanon would be met in order to secure IMF board approval of a program. The IMF said on Thursday it had reached a draft funding…

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Foreign Affairs

Will Fighting Inflation in America Cause a Debt Crisis Abroad?

How the Fed Shapes the Global Economy

Bangkok Post

Is struggling Sri Lanka salvageable?

Last Sunday -- with two notable exceptions -- Sri Lanka's cabinet resigned en masse in protest against the government's handling of the worst economic crisis to hit the island in decades, which has sparked widespread rioting, unrest, and arson attacks on police property.

The Independent UK

Lebanon reaches tentative deal with IMF on economic policies

Lebanon and the International Monetary Fund have reached a tentative agreement on comprehensive economic policies that could eventually pave the way for unlocking billions of dollars in loans to the crisis-hit country

Asharq Al-Awsat

IMF, Lebanon Reach Staff-level Funding Deal, Subject to Reforms

The International Monetary Fund (IMF) said on Thursday it had reached a staff-level agreement with Lebanon for a four-year extended fund facility that would however only get full approval from the fund if Beirut enacts a series of reforms. An agreement with the IMF is seen as vital for Lebanon…

Reuters

IMF, Lebanon reach draft funding deal, subject to reforms

The International Monetary Fund (IMF) said on Thursday it had reached a draft funding agreement with Lebanon - but that Beirut needed to enact a batch of economic reforms first before its board decided whether to approve the deal.

Al Jazeera

Pakistan political crisis: Rupee falls to an all-time low

The rupee hit 188.14 to the US dollar as the country’s top court prepared to deliver a verdict.

Reuters

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.

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