International Monetary Fund

  • IMF, World Bank warn of renewed Gaza violence September 17, 2014

    Jerusalem: The World Bank and International Monetary Fund warned that insufficient funding and political efforts to rebuild Gaza would make economic recovery almost impossible and lead to further violence. The warnings came three weeks after Israel and Hamas signed a ceasefire to end 50 days of conflict, and as the...
  • India's foreign reserves down $1.32 billion September 13, 2014

    Mumbai: India's foreign exchange reserves fell by $1.32 billion to $317.31 billion for the week ended September 5, Reserve Bank of India (RBI) data showed. The reserves had grown by $60.5 million to $318.64 billion for the week ended August 29. According to the RBI's weekly statistical supplement, foreign currency assets,...
  • Sri Lanka growth positive but needs to reduce debt: IMF May 30, 2014

    Colombo: Sri Lanka's economic growth has exceeded expectations last year, the International Monetary Fund (IMF) said today and forecast that the country's economy would grow by around 7 per cent in 2014. "Real GDP growth reached 7.3 per cent, inflation declined to below 5 per cent," Todd Schneider, the head of...
  • India not pursuing any agenda for expansion of BRICS May 13, 2014

    New Delhi: India on Tuesday said that it will not pursue any agenda for expansion of BrazilRussiaIndiaChinaSouth Africa (BRICS) bloc during the upcoming summit in July in Brazil. Noting that the interest of Argentine and various other countries to join BRICS is wellknown, official sources said currently there was no...
  • IMF says Ukraine would need modified bailout if eastern region lost May 2, 2014

    Washington: The International Monetary Fund warned on Thursday it would be forced to redesign its $17 billion bailout for Ukraine and require additional financing if the country lost territory in its restive eastern region. The Fund also said a deterioration in relations between Ukraine and Russia, which buys about a quarter...
  • India's growth likely to recover to 5.4 per cent in 2014: IMF April 8, 2014

    Supported by slightly stronger global growth, improving export competitiveness and implementation of recently approved investment projects, India's growth is expected to recover from 4.4 per cent in 2013 to 5.4 per cent in 2014, the IMF said on Tuesday. "India's growth is expected to recover from 4.4 per cent in 2013...
  • Obama names Indian-American as alternate IMF director April 4, 2014

    President Barack Obama is nominating Sunil Sabharwal, an independent Indian American investor in the payments sector, to a key job as US Alternate Executive Director at International Monetary Fund. "I am grateful these accomplished men and women have agreed to join this Administration, and I'm confident they will serve ably in...
  • G-7 countries ready to aid Ukraine March 3, 2014

    Washington: Amidst raging tension, the group of seven rich economies (G-7) has committed itself to Ukraine's economic assistance and revival as long as Kiev agreed to pursue economic reforms sought by the IMF. In a statement, G-7 countries welcomed the decision of the International Monetary Fund (IMF) to send a team...
  • Satisfied with G20 outcome, concerns on board: Chidambaram February 23, 2014

    Sydney: Satisfied with the outcome of G20 meeting, Finance Minister P Chidambaram on Sunday said India's concerns with regard to withdrawal of US stimulus and the need to expedite IMF quota reforms have been taken on board by the group of rich and developing nations. "The communique has been drawn by...
  • Up to 15, mostly foreigners, killed in Kabul suicide attack January 18, 2014

    Kabul: Up to 15 people, mostly foreigners, were killed on Friday when a suicide bomber blew himself up outside a popular Lebanese restaurant in the Afghanistan capital of Kabul, police said. Islamist Taliban insurgents claimed responsibility for the attack in the upscale Wazir Akbar Khan district, which hosts many embassies and...
  • India's foreign exchange reserves drop by $12.6 mn December 28, 2013

    Mumbai: India's foreign exchange (forex) reserves declined by $12.6 million to $295.50 billion for the week ended December 20, Reserve Bank of India (RBI) data showed. This is the second consecutive week of decline in the country's forex reserves. The foreign exchange reserves had declined by $192.8 million to $295.51 billion...
  • India rejects IMF projections on economic growth October 9, 2013

    New Delhi: India on Wednesday rejected IMF's growth projections of 3.75 per cent for the current fiscal as "pessimistic", saying that the economy is turning around and the GDP expansion will exceed 5 per cent. "I reject the IMF numbers. The Indian economy is seeing turnaround both in terms of growth...
  • P Chidambaram visits US, to woo investors October 8, 2013

    New Delhi, Oct 8 (IANS)Finance Minister P Chidambaram will be on a week's visit to the US beginning Wednesday to woo foreign investors and attend the annual meeting of the World Bank and the International Monetary Fund. According to a finance ministry statement here, Chidambaram will attend annual plenary meetings of...
  • IMF lowers India's growth projections to 3.8 percent October 9, 2013

    Washington:With the world economy entering yet another transition, the International Monetary Fund (IMF) expects India to grow at around 3.8 percent in fiscal 2013, about 1.8 percentage points lower than its July projection. For fiscal year 2014, growth is projected to accelerate somewhat to 5 percent, again 1.1 percentage points lower...
  • New RBI chief says economy strong, needs to build a bridge to the future September 4, 2013

    New Delhi: Immediately after assuming office, the new Governor of the Reserve Bank of India, Raghuram Rajan, said on Wednesday that the country's economy was "fundamentally sound" and had a "bright future" in his first remarks at the central bank earlier in the day. "These are not easy times, and the...
  • Raghuram Rajan takes over as RBI governor, raises hopes with his plan September 4, 2013

    New Delhi: New Reserve Bank of India (RBI) chief Raghuram Rajan kicked-off his term with a bang, announcing a spate of measures to support the embattled rupee and unveiling a raft of steps to liberalise financial markets and the banking sector. In an unexpectedly detailed and wide-ranging briefing, Rajan outlined...
  • New RBI governor Raghuram Rajan steps into the heart of the rupee storm September 4, 2013

    Raghuram Rajan, a suave, unflappable University of Chicago economist, stepped into the heart of the storm roiling India's economy on Thursday as the Reserve Bank of India's new governor and chief defender of a nose-diving rupee. The currency has plunged nearly 20 per cent since May as Asia's third-largest economy confronts...
  • Raghuram Rajan to take over as RBI Governor on Wednesday September 3, 2013

    Internationally renowned economist Raghuram Rajan will take over as RBI Governor on Wednesday and plunge straight into a fire-fight situation as the country battles a rapid fall in rupee, high inflation, low growth and burgeoning current account deficit (CAD). 50-year-old Rajan, a former chief economist with the International Monetary Fund (IMF)...
  • Montek Singh Ahluwalia rules out approaching IMF over economic woes August 31, 2013

    Hit by a currency crisis and poor growth, India on Saturday ruled out approaching the International Monetary Fund (IMF) for assistance, saying the economic situation has not reached a point where outside help is warranted. Planning Commission Deputy Chairman Montek Singh Ahluwalia said the RBI's forex reserves are adequate to manage...
  • Govt has not drawn any red line on rupee value, says Montek August 25, 2013

    In the backdrop of the declining value of India's currency, Planning Commission Deputy Chairman Montek Singh Ahluwalia on Sunday said the government has not drawn any red line on the rupee, which he felt has over depreciated. "I don't believe that either the government or the RBI have taken a view...
  • IMF cautions countries against withdrawing stimulus, unconventional monetary policies August 24, 2013

    International Monetary Fund (IMF) chief Christne Lagarde has cautioned the countries across the world against withdrawal of stimulus or unconventional monetary policies (UMP). Lagarde on Friday asserted that the stimulus helped support economic stability at both domestic and global level. Early in the crisis, the UMP helped prevent a collapse of the...
  • CPI(M) blames high current account deficit for falling rupee August 20, 2013

    The volatility in rupee value was "bound to happen" due to a very high current account deficit and the situation was akin to the major financial crisis faced by India in 1991, the CPI(M) said on Friday. "It is clear that a very serious current account deficit has built up...
  • RBI chief Raghuram Rajan: The young, outspoken former IMF heavyweight September 4, 2013

    New Delhi: India named a former International Monetary Fund chief economist to head the Reserve Bank of India on Tuesday, giving fresh impetus to efforts to revive a struggling economy and a currency that is languishing at record lows. Raghuram Rajan, who predicted the global financial crisis in 2005, will take...
  • ExIMF chief StraussKahn to be tried for pimping July 27, 2013

    Former IMF head Dominique StraussKahn will be tried in France on pimping charges, prosecutors said on Friday, after a long inquiry into sex parties attended by the man whose presidential hopes were dashed by a separate 2011 U.S. sex scandal. Investigating judges in the case determined that StraussKahn, 64, should be...
  • India to grow at about 5.8 in FY14: IMF May 1, 2013

    New Delhi: IMF has projected 5.8 per cent economic growth for India in this fiscal 201314 and said pace of investment in infrastructure should increase to get back to 8 per cent expansion level. "We are forecasting India to grow at about 5.8 per cent this...
  • Indian economy will grow by 6.1 pc this fiscal: World Bank April 30, 2013

    New Delhi: World Bank on Tuesday scaled down India's growth forecast to 6.1 per cent for the current fiscal from 7 per cent projected six months ago. The decline in the growth forecast is largely due to the decline in agriculture sector which is expected to grow at 2 per...
  • Global economy avoided the worst but still shaky: IMF April 20, 2013

    Washington: The global economy might have avoided the worst but it is by no means out of the woods, the International Monetary Fund said on Saturday adding that emerging markets face the risk of avoiding potential financial excesses and as such they should rebuild macroeconomic policy space and further strengthen...
  • 2G scam: Chidambaram refuses to comment on JPC report April 20, 2013

    Washington: Finance Minister P Chidambaram on Saturday refused to comment on the JPC draft report which gives him a clean chit in the 2G scam, saying that he has "never been concerned" about the allegations. "I have never been concerned about these allegations. In fact my concern has been the...
  • India likely to improve fiscal situation in 2013: IMF April 17, 2013

    Washington: At a time when many countries are facing challenges on the fiscal consolidation front, India with its favorable interest rate growth differential has an advantage in addressing deficit concerns in 2013, International Monetary Fund (IMF) said on Tuesday. In its latest edition of annual Fiscal Monitor report, the IMF...
  • IMF recognises Somalia after 22 years of chaos April 13, 2013

    Washington: The International Monetary Fund has announced that it is recognising Somalia's new government after a 22year break in relations with the oncechaotic country, part of a general push by the United States, United Nations and the West toward encouraging rehabilitation there. The US formally recognised the African nation's new government...