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☆ IMF raises its Asia growth forecast for 2024, highlights India's growth and China stimulus as key drivers
▼ + stars: | 2024-04-30 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

The International Monetary Fund raised its Asia growth forecast for 2024 on Tuesday, as it remained optimistic about India's growth and focused on the need for more stimulus from China. The IMF now expects Asia's economy to grow 4.5% this year, up 0.3 percentage points from six months earlier. The upward revision reflects upgrades for China, the IMF said, where it expects policy stimulus to provide support. India is currently the world's fifth-largest economy with GDP of $3.7 trillion and is aiming to become the world's third-largest by 2027. IMF's Srinivasan also wrote that strong private consumption will continue to drive growth in Asia's other emerging markets.

Persons: Krishna Srinivasan, IMF's Srinivasan Organizations: Monetary Fund, IMF Locations: Asia, China, Pacific, India

☆ IMF's Srinivasan: Inherent dynamism in APAC region
▼ + stars: | 2024-04-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIMF's Srinivasan: Inherent dynamism in APAC regionKrishna Srinivasan, IMF's director of the Asia and Pacific department, speaks to CNBC's Karen Tso.

Persons: IMF's Srinivasan, Krishna Srinivasan, Karen Tso Locations: Asia, Pacific

There is a new poster child of China’s protracted real estate crisis — Country Garden. Country Garden has not responded to requests for comment by phone or email. Here’s what to know about the rise and fall of Country Garden, and the future of China’s once red-hot property sector. Until last year, Country Garden was China’s biggest real estate developer, specializing in residential property. While confidence in China’s real estate sector has been shaky since the collapse of Evergrande, Country Garden reignited fears in August when its liquidity crisis burst into public view.

Persons: Evergrande, Yang Huiyan, Krishna Srinivasan, ” Organizations: Hong Kong CNN, Bloomberg News, Financial Times, Citigroup, Hong Kong, Country Garden, Seng, International Monetary Fund, National Bureau of Statistics, Pacific Department Locations: Hong Kong, Foshan, Guangdong province, China, United States, Evergrande, Beijing, Asia

☆ Country Garden and China's housing market struggle will weigh on global growth
▼ + stars: | 2023-10-19 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China’s real estate market remains a drag and will put pressure on global growth. The data comes at a time when Country Garden, once the country’s biggest homebuilder, is fighting for its life. The property slowdown will impact not just China, but also global growth, the International Monetary Fund (IMF) said on Wednesday. Global impactThe IMF said China’s property downturn will weigh on global growth prospects. Country Garden issued a statement on Thursday, threatening to pursue legal action against anyone spreading “malicious rumors” about its founder fleeing the country.

Persons: Hong Kong CNN —, ”, Krishna Srinivasan, Srinivasan, Yang Huiyan, Yang Guoqiang Organizations: Hong Kong CNN, National Bureau of Statistics, International Monetary Fund, NBS, IMF, Pacific Department Locations: China, Hong Kong, Beijing, Ukraine, Asia

☆ IMF warning on China puts 'Japanization' risk in spotlight
▼ + stars: | 2023-10-16 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

"Under the Xi administration, China probably shifted its attention away from economics," he told Reuters. "What's fast emerging is the risk of China slipping into deflation, or the 'Japanization' of its economy," Bank of Japan (BOJ) board member Asahi Noguchi said on Thursday. In its World Economic Outlook, the IMF cut China's growth forecast for this year to 5.0% from 5.2% in April, and warned that its property sector crisis could deepen with global spillovers. To be sure, there are differences between what is happening in China and the experience of Japan. "Overall, we believe that China can avoid a prolonged period of sub-par growth with the right policies," Srinivasan said, when asked about the chance of "Japanization" in China.

Persons: Aly, Hiroshi Watanabe's, Hiroshi Watanabe, Japan's, Watanabe, Xi, Asahi Noguchi, Krishna Srinivasan, Srinivasan, doesn't, Leika Kihara, Tetsushi Kajimoto, Chizu Organizations: China Evergrande Group, REUTERS, Japan, Reuters, International Monetary Fund, World Bank, Bank of Japan, Economic, Pacific Department, Thomson Locations: Danzhou, Hainan province, China, Japan, MARRAKECH, Morocco, Marrakech, Asia, Beijing, Tokyo

☆ Analysis: IMF warning on China puts 'Japanization' risk in spotlight
▼ + stars: | 2023-10-13 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

Persons: Aly, Hiroshi Wanatabe, Watanabe, Xi, Asahi Noguchi, Krishna Srinivasan, Srinivasan, doesn't, Leika Kihara, Tetsushi Kajimoto, Chizu Organizations: China Evergrande Group, REUTERS, Japan, Reuters, International Monetary Fund, World Bank, Bank of Japan, Economic, Pacific Department, Thomson Locations: Danzhou, Hainan province, China, Japan, MARRAKECH, Morocco, Marrakech, Asia, Beijing, Tokyo

☆ China should consider boosting consumption as real estate slump drags on, IMF says as it downgrades forecast
▼ + stars: | 2023-10-12 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

The slowdown in real estate is the main reason for China's sluggishness, Krishna Srinivasan, director of the Asia and Pacific department at the IMF said. "There has not been a comprehensive response to the problem and that has weighed both on investment in the real estate sector and consumer confidence." "One would have hoped that after China reopened, consumption would come back very strongly, but that has been undermined by confidence not coming back in the real estate sector," Srinivasan said. "A lot of the wealth is in the real estate sector, and that has not been resolved." The IMF trimmed its 2023 growth forecast for China's economy from 5.2% to 5% in its October update of its World Economic Outlook.

Persons: China's sluggishness, Krishna Srinivasan, Srinivasan Organizations: Economic, International Monetary Fund, IMF Locations: Asia, Pacific, China

☆ Edtech startup Kinjo incentivizes kids to play educational mini-games in Roblox. Check out the pitch deck it used to raise $6.5 million in seed funding.
▼ + stars: | 2023-08-21 | by ( Madeline Renbarger | ) www.businessinsider.com time to read: +5 min

With Kinjo, kids can earn virtual currency called Robux by playing higher-ranked learning games. To earn these Robux, kids can spend real-world money, or they can play simple mini games to "grind" for Robux rewards. Kids who use Kinjo are three times more likely to spend time on games that are more productive than kids without Kinjo, Malcolm said. Many edtech gaming platforms are already on the market, such as the social-emotional learning game Social Cipher or the STEM learning game Royelles. Check out the 16-slide pitch deck that Kinjo used to raise $6.5 million in seed funding:

Persons: Charles Thornburgh couldn't, Thornburgh, Jim Breyer's Breyer, Kinjo, Laura Malcolm, Kinjo's, Malcolm said, Krishna Srinivasan Organizations: Austin, LiveOak Venture Partners, Silverton Partners, Jim Breyer's Breyer Capital, Roble, Robux, Roblox Locations: Roblox, Silverton, Austin , Texas, Fortnite

☆ IMF official says Sri Lanka reforms critical, evaluating progress
▼ + stars: | 2023-05-15 | by ( Uditha Jayasinghe | ) www.reuters.com time to read: +2 min

COLOMBO, May 15 (Reuters) - The International Monetary Fund (IMF) mission in Sri Lanka will evaluate progress made on reforms so far and complete an exercise to improve governance in key areas of the economy, an IMF official said on Monday. An IMF team is in Colombo until May 23 as part of regular consultations ahead of the first review mission later this year. "It is now essential to continue the reform momentum," said Krishna Srinivasan, Director of Asia Pacific Department at IMF. Sri Lanka, with the help of a $2.9 billion bailout from the global lender, is trying to recover from its worst financial crisis since gaining independence in 1948 and turn around its battered economy. Peter Breuer, IMF Senior Mission Chief for Sri Lanka, Asia and Pacific Department said the lender will be looking at whether the government's macro framework is still appropriate or whether it requires revisions.

☆ IMF sees uncertainty over Japan's monetary policy, spillover globally
▼ + stars: | 2023-05-04 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

While most Asian central banks must keep tightening monetary policy, Japan remains an exception with inflation still moderate - though this could change. "There is uncertainty around the direction of monetary policy in Japan, amid a rise in inflation," Srinivasan said. "Changes in Japan's monetary policy that lead to further increases in government bond yields could have global spillovers through Japanese investors, who have large investment positions in debt instruments abroad," Srinivasan said. With inflation exceeding its 2% target, markets are rife with speculation the Bank of Japan (BOJ) could modify its bond yield control policy in coming months. The BOJ kept ultra-low interest rates on Friday but announced a plan to review its past monetary policy moves, laying the groundwork for new governor Kazuo Ueda to phase out his predecessor's massive stimulus programme.

☆ Asia's central banks need to keep their eyes on inflation and address it head-on, IMF says
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAsia's central banks need to keep their eyes on inflation and address it head-on, IMF saysKrishna Srinivasan of the International Monetary Fund says core inflation is still sticky and it expects "higher for longer for Asia, and that includes India."

☆ IMF urges Asia to keep monetary policy tighter for longer
▼ + stars: | 2023-04-13 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

REUTERS/Siphiwe SibekoSummarySummary Companies IMF revises up this year's Asia-Pacific growth f'castChina's reopening to underpin Asia's recoveryImpact of global banking stress on Asia limited - IMFWASHINGTON, April 13 (Reuters) - Asian central banks may need to keep monetary policy "tighter for longer" to combat still substantial inflation risks, senior International Monetary Fund official Krishna Srinivasan said on Thursday. The latest forecast implies the region will contribute over 70% of global growth this year, Srinivasan said. The IMF expects China's economy to expand by 5.2% in 2023, higher than the previous year's 3.0% growth. "China's reopened economy is rebounding strongly, and this will generate positive spillovers to its trading partners, providing fresh momentum for Asia's growth," he said. "Unless strains increase and raise broad-based stability concerns, central banks should separate monetary policy objectives from financial stability goals," he said.

☆ Our Sri Lanka program's key focus is macroeconomic stabilization and debt sustainability: IMF
▼ + stars: | 2023-03-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOur Sri Lanka program's key focus is macroeconomic stabilization and debt sustainability: IMFKrishna Srinivasan of the International Monetary Fund discusses the $2.9 billion loan that Sri Lanka secured from the International Monetary Fund.

☆ IMF is bullish Sri Lanka's crisis-stricken economy will recover as country gets bailout
▼ + stars: | 2023-03-21 | by ( Sumathi Bala | ) www.cnbc.com time to read: +4 min

We expect a contraction around 8% in 2022, a 3% contraction this year before the economy picks up next year." watch nowAs a result, Sri Lanka's debt levels have become unsustainable and inflation remains elevated, he added. "There are plenty of examples of IMF programs restoring stability, though these often come at the cost of painful austerity." Analysts have also argued Sri Lanka needs institutional reforms in order to achieve long-term debt sustainability. Critical reforms"Ambitious revenue-based fiscal consolidation is necessary for restoring fiscal and debt sustainability" in Sri Lanka, said Kistalina Georgieva, IMF's managing director.

☆ IMF board poised to approve $2.9 bln Sri Lanka bailout
▼ + stars: | 2023-03-07 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

WASHINGTON, March 7 (Reuters) - The International Monetary Fund on Tuesday said Sri Lanka had secured financing assurances from all its major bilateral creditors, paving the way for the IMF board to consider approval of a long-awaited $2.9 billion four-year bailout. Sri Lanka would get access to the first tranche of money shortly after board approval, sources close to the talks said. "Sri Lanka has now received financing assurances from all major bilateral creditors," Krishna Srinivasan, director of the IMF's Asia and Pacific Department (APD) said in a statement. Central bank Governor P. Nandalal Weerasinghe said last week that Sri Lanka had fulfilled its conditions with the rate hike and he was hopeful the IMF bailout would be approved this month. The IMF said the board's approval would help catalyze financing from other creditors, including the World Bank and the Asian Development Bank.

It was not clear what new support China, the world's biggest sovereign creditor, had extended to Sri Lanka on Monday. By end-2020, Sri Lanka owed the Export-Import Bank of China $2.83 billion or 3.5% of the island's external debt, according to IMF data. Sri Lanka needs to repay about $6 billion on average each year until 2029 and will have to keep engaging with the IMF, Wickremesinghe said. Countries in debt distress such as Zambia and Sri Lanka have faced unprecedented delays in securing IMF bailouts as China and Western economies have clashed over how to provide debt relief. Sri Lanka has been waiting for about 187 days to finalise a bailout after reaching a staff-level deal with the IMF.

☆ Asia would be the biggest loser if the global economy splits up, IMF warns
▼ + stars: | 2022-10-28 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +3 min

Asia-Pacific has more to lose than any other region if the global trade system splits up in the wake of geopolitical tensions, the International Monetary Fund warned. Sectors in Asian countries forced to contract because of reduced trade could suffer average employment losses of as high as 7%, the IMF added. Asia has more to lose than any other region if the global trade system splits up, the International Monetary Fund warned. U.S.-China trade tensionsSigns of global fragmentation emerged during the trade war between the U.S. and China in 2018. The impact of trade fragmentation is greater for emerging markets in Asia and for firms with high debt.

☆ IMF cuts Asia's economic forecasts as China's slowdown bites
▼ + stars: | 2022-10-28 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

"Asia's strong economic rebound early this year is losing momentum, with a weaker-than expected second quarter," said Krishna Srinivasan, director of the IMF's Asia and Pacific Department. "Further tightening of monetary policy will be required to ensure that inflation returns to target and inflation expectations remain well anchored." The IMF cut Asia's growth forecast to 4.0% this year and 4.3% next year, down 0.9% point and 0.8 point from April, respectively. Among the biggest headwinds is China's rapid and broad-based economic slowdown blamed on strict COVID-19 lockdowns and its worsening property woes, the IMF said. The IMF expects China's growth to slow to 3.2% this year, a 1.2-point downgrade from its April projection, after an 8.1% rise in 2021.

☆ IMF urges most Asian central banks to tighten policy further
▼ + stars: | 2022-10-13 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 13 (Reuters) - Most Asian central banks must tighten monetary policy further as rising commodity prices and their currencies' depreciation, driven by steady U.S. interest rate hikes, push inflation above their targets, the International Monetary Fund said on Thursday. Many Asian currencies depreciated "quite sharply" as U.S. monetary tightening led to widening interest rate differentials, helping push up import costs for the countries, he said. Large currency depreciations and rising interest rates could also trigger financial stress in Asian countries with high debt, Srinivasan said. "Asia is now the largest debtor in the world besides being the biggest saver, and several countries are at high risk of debt distress," he said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Leika Kihara; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

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