IMF staff and the Sri Lankan authorities have reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about 2.9 billion US dollars.
Addressing a rally, Maryam Nawaz said that the coalition government had to make some decisions with a heavy heart, including increasing the prices of petroleum products, because of Khan's wrongdoings.
The revival of the facility will immediately provide access to USD 1 billion, which Pakistan badly needs to buttress its dwindling foreign exchange reserves.
Kristalina Georgieva reminded that the International Monetary Fund is forecasting 3.6% growth for 2022, which is “a long way to global recession.”
As per the sources, ahead of Pakistan's talks with the International Monetary Fund (IMF) for the revival of the USD 6 billion loan programme, the Shehbaz government will abandon the fuel subsidy on Sunday, as per Geo TV.
According to estimates, the country’s economy is likely to grow at 8.2 per cent in 2022-23, down 0.8 per percentage points.
IMF Managing Director Kristalina Georgieva made the remarks at a joint news conference with Nadia Calviño, Chair, the International Monetary and Finance Committee of the IMF.
The IMF, early this week, projected a “fairly robust” growth of 8.2 per cent for India in 2022, making it the fastest-growing major economy in the world, almost twice faster than China’s 4.4 per cent.
The new IMF paper, Pandemic, Poverty, and Inequality: Evidence from India, presented estimates of poverty (extreme poverty PPP USD 1.9 and PPP USD3.2) and consumption inequality in India for each of the years 2004-5 through the pandemic year 2020-21.
IMF on Mar 30 released a paper on the Review of Institutional View (IV) on the Liberalization and Management of Capital Flows. The IV was adopted in 2012 and provides the basis for consistent Fund advice on policies related to capital flows.
“We have been projecting a quite robust growth for India. Yes, there is a small downgrade versus our previous projection from 9.5 pc to 9 pc for 2022. But then we also have a small upgrade for 2023, because we think that we'll see stable growth not very different from (those projected by) the (Union) Minister of Finance,” Georgieva said
In its latest update of World Economic Outlook on Tuesday, the International Monetory Fund, which had in October last year projected a 9.5 per cent GDP growth for India, put the forecast for the next fiscal FY23 (April 2022 to March 2023) at 7.1 per cent.
The meeting comes days after the IMF announced that she is being promoted as its First Deputy Managing Director.
Gopinath would replace Geoffrey Okamoto who plans to leave the Fund early next year.
"We welcome India's announcement at the COP26 of new targets to increase reliance on renewables and reduce the carbon intensity of its economy, including to adopt net zero target by 2070," Gerry Rice, Director, Communication Dept, IMF, said.
Calling it a worrisome development, sources have said that the IMF staff was so far busy in number-crunching mainly on fiscal framework, external front and power sector.
The IMF has projected India's economic growth at 9.5 per cent in FY2021-22 and 8.5 per cent in 2022-23. Headline inflation is projected at 5.6 per cent in 2021-22, amid elevated price pressures.
“The crisis is exacerbating poverty and inequalities, while climate change and other shared challenges are becoming more pressing and require our urgent attention,” it added.
IMF chief economist Gita Gopinath on Tuesday said that India is doing well in vaccinating people.
Georgieva said she was looking forward to meeting with the IMF board to brief them on her actions.
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