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Colombia has drawn $5.4 billion from flexible credit line, IMF says
  + stars: | 2020-12-03 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: 1 min
FILE PHOTO: International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018. REUTERS/Yuri GripasBOGOTA (Reuters) - Colombia has drawn $5.4 billion from its flexible credit line with the International Monetary Fund, the body said on Thursday, which the country will use to help mitigate the impact of the coronavirus pandemic. “The authorities will use the drawing to help meet higher financing needs whilst maintaining strong external buffers in a context of heightened global uncertainty,” the IMF said in a statement. Meanwhile, the country’s central bank announced it would buy $1.5 billion from the government for its international reserves.
Persons: Christine Lagarde, Nicolas Dujovne, Yuri Gripas Organizations: Monetary Fund, Argentine, REUTERS, International Monetary Fund Locations: Washington , U.S, Yuri Gripas BOGOTA, Colombia
WASHINGTON (Reuters) - Negotiations between the International Monetary Fund and Argentina over a new IMF loan program are “very fluid and constructive,” with Argentine officials expected to come to Washington in the coming days for more talks, IMF spokesman Gerry Rice said on Thursday. Rice told a regular news briefing that a recent IMF staff mission to Buenos Aires, made “good progress” in defining the initial elements of Argentina’s economic reform plans. He said the two sides “share the view that tackling Argentina’s challenges will require a carefully balanced set of policies that foster stability, restore confidence, protect the most vulnerable people in Argentina and set the basis for sustainable and inclusive growth as Argentina battles its economic challenges, and of course, battles the pandemic.”
Persons: Gerry Rice, Rice Organizations: WASHINGTON, International Monetary Fund, Argentine Locations: Argentina, Washington, Buenos Aires
FILE PHOTO: Argentine President of the Chamber of Deputies Sergio Massa (2nd L), speaks to members of the IMF mission in Argentina Julie Kozack, Luis Cubeddu, Trevor Alleyne and Argentine representative before the IMF Sergio Chodos, at the National Congress in Buenos Aires, Argentina November 13, 2020. Maximiliano Vernazza/Prensa Diputados/Handout via REUTERS/File PhotoWASHINGTON (Reuters) - Negotiations between the International Monetary Fund and Argentina over a new IMF loan program are “very fluid and constructive,” with Argentine officials expected to come to Washington in the coming days for more talks, IMF spokesman Gerry Rice said on Thursday. Rice told a regular news briefing that a recent IMF staff mission to Buenos Aires, made “good progress” in defining the initial elements of Argentina’s economic reform plans. Rice said there was not a timeline yet for a potential agreement on an IMF-supported program for Argentina. The IMF hopes to reach agreement with Kenya on an IMF program early next year, Rice added
Persons: Sergio Massa, Argentina Julie Kozack, Luis Cubeddu, Trevor Alleyne, Sergio Chodos, Maximiliano, Prensa, Gerry Rice, Rice Organizations: IMF, Argentine, National Congress, REUTERS, WASHINGTON, International Monetary Fund, Authorities Locations: Argentine, Argentina, Buenos Aires, Handout, Washington, Kenya
REUTERS/Agustin Marcarian/Illustration/File PhotoIt is a road Argentina, no stranger to currency woes, has been down many times before. But it poses one of the biggest challenges yet to the year-old government of center-left President Alberto Fernandez. But they have been gummed up by tough capital controls keeping the peso artificially strong, sparking fierce demand for black market dollars and prompting widespread angst about devaluation. The country needs dollars from exports to bulk up depleted reserves and ensure it can make future payments after restructuring over $100 billion in foreign currency debt. Not in pesos,” said Santiago del Solar, a corn and soy farmer in the bread-basket province of Buenos Aires.
Persons: Agustin Marcarian, Alberto Fernandez, , Guido Lorenzo, Casanovas, Rodrigo Gomez Organizations: BUENOS AIRES, Reuters, REUTERS, Traders, LCG, International Monetary Fund, “ Farmers Locations: BUENOS, Buenos Aires, Argentine, United States, Argentina, China, Parana, Santiago del
Lebanese political stalemate leaves France pushing aid meeting
  + stars: | 2020-12-02 | by ( John Irish | ) www.reuters.com + 0.00   time to read: +2 min
PARIS (Reuters) - President Emmanuel Macron will try to revive a French initiative on Lebanon when he hosts an international aid conference on Wednesday evening, but with the country’s fractious political class bickering, hopes of a breakthrough appear slim. FILE PHOTO: French President Emmanuel Macron speaks during a news conference on the political situation in Lebanon following Lebanon's Prime Minister-designate Moustapha Adib resignation, in Paris, France September 27, 2020. “To borrow or lend money you need trust and trust isn’t there,” a French presidential official told reporters in a briefing. He is due to visit French troops operating as part of a U.N. peacekeeping mission in Lebanon around Dec. 20, diplomats said. Having seen deadlines to form a government pass and political talks stall, Macron opted to go ahead with an aid conference to take stock of the situation.
Persons: Emmanuel Macron, Moustapha Adib, Lewis Joly, , Macron Organizations: PARIS, Lebanon's, REUTERS, United Nations, International Monetary Fund Locations: Lebanon, Paris, France, United States, French, “ Lebanon, Western, U.S
FILE PHOTO: French President Emmanuel Macron speaks during a news conference on the political situation in Lebanon following Lebanon's Prime Minister-designate Moustapha Adib resignation, in Paris, France September 27, 2020. Lewis Joly/Pool via REUTERSEmmanuel Macron is trying to revive a French initiative on Lebanon, but with the country’s fractious political class bickering, hopes of a breakthrough anytime soon appear slim. Macron, a natural ally given Lebanon is a former French colony, has invested a lot of political capital in trying to break the deadlock, vowing not to give up on the Lebanese. He is due to visit French troops operating as part of a U.N. peacekeeping mission in Lebanon around Dec. 20, diplomats said. “Lebanon will not escape this type of audit if it wants serious negotiations with the International Monetary Fund.
Persons: Emmanuel Macron, Moustapha Adib, Lewis Joly, REUTERS Emmanuel Macron, ” Macron, , Organizations: PARIS, Lebanon's, REUTERS, World Bank, United Nations, European Union, International Monetary Fund Locations: Lebanon, Paris, France, United States, French
Euro zone agrees to overhaul bailout fund in a move likely to appeal to investors
  + stars: | 2020-12-01 | by ( Silvia Amaro | ) www.cnbc.com sentiment -0.96   time to read: +1 min
Eurogroup president Paschal Donohoe, on the screen, speaks during an online news conference following an Eurogroup video conference. LONDON — Euro zone finance ministers have agreed to strengthen the region's crisis bailout fund — a long awaited step that addresses how investors view the region. The differences between southern nations, which tend to have high levels of government debt, and the more fiscally hawkish northern countries have caused tensions when the euro zone was trying to address its sovereign debt crisis in 2010. The move could reassure investors who have been worried about the financial discrepancies between euro zone countries, and the risks these could pose for their investments. It comes at a difficult time for the euro area, which is facing a deep economic crisis on the back of the coronavirus pandemic.
Persons: Eurogroup, Paschal Donohoe, It's Organizations: LONDON, European Commission, European Central Bank, International Monetary Fund
FILE PHOTO: Egyptian Finance Minister Mohamed Maait speaks during a news conference in Cairo, July 5, 2018. REUTERS/Mohamed Abd El GhanyCAIRO (Reuters) - Egypt expects to receive a $1.6 billion disbursal from the International Monetary Fund by end-December, Finance Minister Mohamed Maait said on Monday. The IMF said earlier this month it had reached a staff-level agreement with Egypt after the first review of a $5.2 billion financing agreement.
Persons: Mohamed Maait, Mohamed Abd El Ghany Organizations: Egyptian, REUTERS, International Monetary Fund, IMF Locations: Cairo, Mohamed Abd El Ghany CAIRO, Egypt
BRUSSELS (Reuters) - Euro zone governments and the European Central Bank may need to provide more fiscal and monetary support than initially expected because of the effects of the second wave of the COVID-19 pandemic, the International Monetary Fund said on Monday. FILE PHOTO: The logo of the International Monetary Fund (IMF), is seen during a news conference in Santiago, Chile, July 23, 2019. REUTERS/Rodrigo GarridoThe overall value of fiscal and monetary support on offer, combined with access to trillions of euros of cheap loans and new EU-level funding still under debate, already exceeds 10 trillion euros. “Risks ... remain clearly to the downside through early 2021 given the ongoing second wave,” the IMF said in a regular review of the euro zone economy. “Even greater accommodation would be needed to counter deflation risks and ensure smooth monetary transmission in a downside scenario,” the IMF report said.
Persons: Rodrigo Garrido, Organizations: European Central Bank, International Monetary Fund, REUTERS, IMF, Union, ECB Locations: BRUSSELS, Santiago , Chile
Biden picks diverse economic team to focus on pandemic recovery
  + stars: | 2020-11-30 | by ( Jarrett Renshaw | ) www.reuters.com + 0.00   time to read: +5 min
(Reuters) - President-elect Joe Biden named several women to his top economic policy team on Monday, including former Federal Reserve Chair Janet Yellen as Treasury secretary nominee, setting the stage for diversity and a focus on recovery from the pandemic. “This team looks like America and brings seriousness of purpose, the highest degree of competency, and unwavering belief in the promise of America,” Biden said in a statement. “They will be ready on day one to get to work for all Americans.”Biden was expected to formally introduce the new economic team members on Tuesday, the transition team said. As Treasury Secretary, I will work every day towards rebuilding that dream for all.”Kristalina Georgieva, managing director of the International Monetary Fund, welcomed Yellen’s nomination. Biden selected Cecelia Rouse, an economist who is dean of the Princeton School of Public and International Affairs, to chair the Council of Economic Advisers.
Persons: Joe Biden, Janet Yellen, Jonathan Ernst, ” Biden, , Yellen, Bill Clinton’s, Kristalina Georgieva, Yellen’s, Ron Wyden, Steven Mnuchin, ” Wyden, Mitch McConnell, Biden, Donald Trump, Trump, Wally Adeyemo, Adeyemo, Barack Obama, Neera Tanden, Tanden, Obama, Cecelia Rouse, Heather Boushey, Kamala Harris, Brad Raffensperger, Brian Kemp, Raffensperger Organizations: Market, REUTERS, U.S . Senate, Democratic, Economic Advisers, Twitter, International Monetary Fund, Senate Finance, Republicans, Senate, Republican, Biden, LIBERAL, Treasury, Obama Foundation, Center, American Progress, Management, OMB, Princeton School of Public and International Affairs, of Economic Advisers, Washington Center for Equitable Locations: WILMINGTON, Del, Washington , U.S, United States, America, U.S, Georgia, Trump’s
(Reuters) - U.S. President-elect Joe Biden named several women to his top economic policy team on Monday, including former Federal Reserve Chair Janet Yellen as Treasury secretary nominee, setting the stage for diversity and a focus on recovery from the pandemic. “This team looks like America and brings seriousness of purpose, the highest degree of competency, and unwavering belief in the promise of America,” Biden said in a statement. “They will be ready on day one to get to work for all Americans.”Biden is expected to formally introduce the new economic team members on Tuesday, the transition team said. Biden beat Trump by 306 electors to 232, a margin that Trump described as a “landslide” when it was to his benefit in 2016. Biden selected Cecilia Rouse, an economist who is dean of the Princeton School of Public and International Affairs, to chair the Council of Economic Advisers.
Persons: Joe Biden, Janet Yellen, Jonathan Ernst, ” Biden, , Yellen, Bill Clinton’s, Kristalina Georgieva, Yellen’s, Ron Wyden, Steven Mnuchin, ” Wyden, Mitch McConnell, Biden, Donald Trump, Trump, Biden’s, , Doug Ducey, Wally Adeyemo, Adeyemo, Barack Obama, Neera Tanden, Tanden, Obama, Cecilia Rouse, Heather Boushey, Kamala Harris Organizations: Market, REUTERS, U.S . Senate, Democratic, Economic Advisers, Twitter, International Monetary Fund, Senate Finance, Republicans, Senate, Republican, Biden, Democrat, Electoral, Trump, Treasury, Obama Foundation, Center for American Progress, Management, OMB, Princeton School of Public and International Affairs, of Economic Advisers, Washington Center for Equitable Locations: WILMINGTON, Del, Washington , U.S, United States, America, U.S, Georgia, , Arizona, Arizona
The eurozone economy is going to need more support from both the central bank and national governments to avoid a deeper recession, the International Monetary Fund said. The eurozone economy is going to need more monetary and fiscal support to avoid further damage from the coronavirus pandemic, the International Monetary Fund said on Monday. Even with the prospect of a successful vaccine in coming months, the economic recovery remains fragile and could take longer than the IMF forecast a month ago. Not all the bloc's 27 members have welcomed the recovery fund. Withdrawing such support too soon would risk derailing the recovery," the IMF said.
Persons: Goldman Sachs, Read Organizations: International Monetary Fund, United, IMF, Goldman, European Central Bank, European Commission, ECB, EU, RBC Locations: Europe, United States, COVID, Germany, France, Italy, Spain, 2020Q3, 2020Q4, 2021Q1, Hungary, Poland
Sudan inflation soars, raising spectre of hyperinflation
  + stars: | 2020-11-29 | by ( Patrick Werr | ) www.reuters.com + 0.00   time to read: +5 min
CAIRO (Reuters) - Inflation in Sudan has risen to one of the highest levels in the world, and the country risks slipping into hyperinflation unless it gets its budget deficit and money supply under control, economists say. He placed Sudan among the five countries with the highest inflation. “It’s pretty scary,” he said, adding that it was hard to predict what direction inflation would go from here. The programme is designed to provide a track record that would qualify Sudan for debt relief from its official creditors. The reforms should reduce fuel subsidies to 2.2% this year, the IMF said, but imported fuel will further stretch people’s resources as a collapsing currency pushes up its local price.
Persons: Umit, Idrees Abdelmoniem, , Steve Hanke, Omar al, Bashir, Ibrahim Elbadawi, , I’ve, Huda Khalid Organizations: REUTERS, Johns Hopkins University, International Monetary Fund, Gross, IMF, Locations: CAIRO, Sudan, Khartoum, Central, U.S, Oman
China has found coal imports failed to meet environmental standards amid stalled Australian shipments. ] Australian coal arrivals to China are expected to slow in the near future and the share of China’s coal imports from Australia fell to 26% in October. China is the biggest buyer of Australian cotton, with the trade worth about A$900 million ($637 million) during the 2018/19 crop year. AUGUST 2020China, the top export market for Australian wine, launches anti-dumping and anti-subsidy probes on some Australian wines. FEBRUARY 2019China’s northern port of Dalian bans imports of Australian coal and caps overall coal imports from all sources to the end of 2019 at 12 million tonnes.
Persons: Organizations: Huawei, International Monetary Fund, Australian, Australia’s Woodside Petroleum, Japan’s Sumitomo Corp ., Ministry, China’s Locations: BEIJING, China, Canberra, Australia, Beijing, Japan’s Sumitomo Corp . Australia, Victoria, Queensland, Dalian
President-elect Joe Biden plans to reform short-time compensation programs in the US, according to his campaign's website. Biden plans to reform short-time compensation programs in the US. Germany and some other countries have used job retention programs to help prevent massive layoffs and retain talent amid the pandemic. So far, only 27 states and DC have a short-time compensation program, although Illinois' program is not operational. The programs covered in this data include short-time work programs, but some countries also have wage subsidy programs.
Persons: Joe Biden, Biden, Biden's, Heidi Shierholz, Shierholz Organizations: US Department of Labor's, DC, Bloomberg, Department of Labor, Workers, CNBC, OECD, CNN, International Monetary Fund, Economic Policy Institute, Federal Reserve Bank of Cleveland, Companies, Shierholz, Congressional Research Service Locations: Germany, Illinois, Virginia, Canada
Slideshow ( 2 images )WASHINGTON (Reuters) - James Wolfensohn, a former investment banker who pushed through debt relief for the poorest nations during a decade at the helm of the World Bank, has died, the Bank said Wednesday. Wolfensohn, a former Salomon Brothers partner, was appointed as president of the global development bank by then-U.S. President Bill Clinton and led the Bank from June 1995 through May 2005. Together with the International Monetary Fund, Wolfensohn in 1996 launched the Heavily Indebted Poor Countries Initiative, a program that eventually provided more than $53 billion in debt relief to 27 of the world’s poorest countries. “Jim transformed the world of development and he transformed the World Bank. In the process, he became, quite literally, the voice for the poor people on our planet.”
Persons: James Wolfensohn, Salomon Brothers, Bill Clinton, Lee Iacocca, Paul Volcker, Kristalina Georgieva, , , Jim Organizations: World Bank, Bank, Chrysler Corp, New York Federal Reserve, International Monetary Fund, Initiative, IMF Locations: WASHINGTON, Australia, U.S, Wolfensohn
Breakingviews - Ethiopia piles war risk on shaky economy
  + stars: | 2020-11-24 | by ( Ed Cropley | ) www.reuters.com + 0.00   time to read: +2 min
Tensions between Addis Ababa and the northern Tigray region have simmered since 2018, when Abiy took the reins in the nation of 119 million. Farming accounts for half of Ethiopia’s $96 billion GDP and 80% of foreign exchange earnings. If Tigrayan guerrillas targeted the China-built railway linking Addis Ababa to Djibouti, a vital export corridor, dollars could become even scarcer. The boom years of heady investment have also left a $35 billion external debt pile, equivalent to nearly 40% of GDP. If Abiy allows the conflict to drag on, he may soon have a financial crisis to worry about too.
Persons: Abiy Ahmed, Abiy, Meles Zenawi Organizations: Ethiopian, Ethiopia's National Defense Forces, LONDON, Reuters, International Monetary Fund, World Bank, Aid, NKC, Ethio Telecom Locations: Amhara, Tigray, Addis Ababa, Ethiopia, China, Djibouti, birr
SINGAPORE — Investments in China's massive infrastructure project in 2020 could fall "well short" of last year's level as the coronavirus pandemic caused financial strains in participating countries, according to Moody's Investors Service. So certainly, this year, we've seen a rise in credit stress that we don't expect to go away in 2021. The Moody's report said some BRI participating countries have sought financing support from the International Monetary Fund or debt relief from G-20 lenders, including China. Moody's named China Development Bank and Export-Import Bank of China as having "significant exposure" to projects under the initiative. Moody's estimated that fresh Chinese-led investment flows into participating countries may not return to levels seen in 2014-2019 in the next two years.
Persons: Greg Baker, Michael Taylor, we've, Taylor, CNBC's, Moody's Organizations: SINGAPORE — Investments, Moody's Investors Service, Initiative, Workers, AFP, Getty, , International Monetary Fund, China Development Bank, Export, Import Bank of China Locations: SINGAPORE, China, Asia, Europe, Africa, Beijing, Moody's, Pakistan, Zambia, Tanzania, Angola
IMF calls for expansion of debt relief beyond world's poorest countries
  + stars: | 2020-11-22 | by ( Reuters Staff | ) www.reuters.com sentiment -0.97   time to read: +1 min
FILE PHOTO: IMF Managing Director Kristalina Georgieva arrives for a conference hosted by the Vatican on economic solidarity, at the Vatican, February 5, 2020. REUTERS/Remo CasilliWASHINGTON (Reuters) - The head of the International Monetary Fund on Sunday called for prompt and effective implementation of a new G20 framework set up to help the world’s poorest countries reach permanent debt relief, but said other countries needed help as well. “It is critical to operationalize this Framework promptly and effectively,” IMF Managing Director Kristalina Georgieva said in a statement after addressing the leaders of the Group of 20 major economies. “Going forward, we must also help those countries not covered by the Framework to address debt vulnerabilities so that their economies can become more resilient.”The debt treament framework endorsed by G20 leaders on Sunday applies to 73 countries that are eligible for a temporary freeze in official bilateral debt payments.
Persons: Kristalina Georgieva, Remo Casilli WASHINGTON Organizations: Vatican, REUTERS, International Monetary Fund
G20 says it will strive for fair global access to COVID-19 vaccine
  + stars: | 2020-11-22 | by ( Reuters Staff | ) www.reuters.com sentiment -0.91   time to read: +2 min
G20 leaders said global economic activity has partially picked up thanks the gradual reopening of some economies but the recovery is uneven, highly uncertain and subject to downside risks. They reaffirmed their commitment to use “all available policy tools as long as required” to protect people’s lives, jobs, and incomes. They also said they strongly encouraged private creditors to participate in the initiative on comparable terms when requested by eligible countries. The G20 debt relief initiative has helped 46 countries defer $5.7 billion in 2020 debt service payments, short of the 73 countries that were eligible, and promised savings of around $12 billion. Debt relief for Africa will be an important theme of the Italian presidency of the G20 in 2021.
Persons: Organizations: Reuters, Saudi, International Monetary Fund Locations: DUBAI, Saudi Arabia, Italy, Africa
Mexican president urges G20 to avoid debt, bailouts in pandemic
  + stars: | 2020-11-21 | by ( Reuters Staff | ) www.reuters.com sentiment -0.98   time to read: +2 min
FILE PHOTO: Mexico's President Andres Manuel Lopez Obrador gestures during a news conference at National Palace in downtown Mexico City, Mexico November 13, 2020. REUTERS/Carlos Jasso/File PhotoMEXICO CITY (Reuters) - Mexican President Andres Manuel Lopez Obrador on Saturday urged fellow leaders from the 20 biggest world economies (G20) to steer clear of debt and bailouts in the efforts to handle the COVID-19 crisis that has caused a global recession. Within G20, Mexico is the country with the least fiscal support spending as a percentage of gross domestic product. “Avoid taking on debt and even less so if it’s for the benefit of a few, at the cost of the suffering of many,” he said. Lopez Obrador also called on countries to avoid “authoritative measures” such as confinement and curfews, and to have more trust in people to act responsibly in curbing the spread of the novel coronavirus.
Persons: Andres Manuel Lopez Obrador, Carlos Jasso, ” Lopez Obrador, , Lopez Obrador Organizations: REUTERS, MEXICO CITY, Saturday, International Monetary Fund Locations: Mexico City, Mexico, Brazil, Britain, United States
The Covid-19 pandemic, which will throw the global economy into a deep recession this year before an economic rebound expected in 2021, is at the top of the agenda. G20 leaders are concerned that the pandemic might further deepen global divisions between the rich and the poor. To do that, the European Union urged G20 leaders to quickly put more money into a global project for vaccines, tests and therapeutics called Access to Covid-19 Tools (ACT) Accelerator. Extending the temporary debt relief could encourage some additional countries to ask for forbearance, experts say, but private sector creditors must also agree to participate. Debt relief for Africa will be an important theme of the Italian presidency of the G20 in 2021.
Persons: King Salman bin Abdulaziz, Emmanuel Macron, Ursula von der Leyen, Vladimir Putin, Xi, Charles Michel, Antonio Guterres, David Malpass, Donald Trump Organizations: Saudi, European Union, ACT, Twitter, International Monetary Fund, United Nations, Reuters, NBC, Bank Locations: BEIJING, DUBAI, Saudi Arabia, Moscow, China, pandemics, Africa, Sterling, Virginia
World Bank warns G20 against doing too little now to address debt problems
  + stars: | 2020-11-21 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: 1 min
FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File PhotoWASHINGTON (Reuters) - World Bank President David Malpass on Saturday warned G20 leaders that failing to provide more permanent debt relief to some countries now could lead to increase poverty and a repeat of the disorderly defaults seen in the 1980s. Malpass said he was pleased by progress on debt transparency and debt relief, but more needed to be done. “The debt challenges are becoming more frequent, including in Chad, Angola, Ethiopia and Zambia where, in the absence of more permanent debt relief, the poverty outlook remains bleak,” he said in remarks to a summit of leaders of the Group of 20 major economies.
Persons: Johannes P, David Malpass, Malpass, Organizations: Bank, International Monetary Fund, REUTERS, WASHINGTON Locations: Nusa Dua, Bali, Indonesia, Chad, Angola, Ethiopia, Zambia
World Bank warns G20 against doing too little to tackle debt problems
  + stars: | 2020-11-21 | by ( Reuters Staff | ) www.reuters.com sentiment -0.96   time to read: +2 min
FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. “Debt reduction and transparency will enable productive investment, a key to achieving an earlier, stronger and more lasting recovery,” Malpass told G20 leaders during a videoconference meeting. Some countries, including China, have remained reluctant to embrace the need for debt cancellation, although top economists say that will likely be needed in some cases. Private sector creditors have also failed to join in, despite repeated calls by G20 leaders, civil society groups and the United Nations. In Sudan, he said he was hopeful that arrears clearance could move quickly, especially given the inflow of refugees from neighboring Ethiopia, which would allow substantial World Bank funding to begin flowing almost immediately.
Persons: David Malpass, Johannes P, Malpass, ” Malpass, Organizations: WASHINGTON, Bank, International Monetary Fund, REUTERS, Group, United Nations, West Bank, United Locations: Nusa Dua, Bali, Indonesia, Latin America, Chad, Angola, Ethiopia, Zambia, China, Somalia, Lebanon, Gaza, Sudan, United States
NAIROBI (Reuters) - COVID-19 has exposed Kenya’s debt vulnerabilities though official measures including monetary policy easing have helped shield the economy from the impact of the pandemic, the International Monetary Fund (IMF) said late on Friday. The Nairobi skyline is seen in the background as a zebra walks through the Nairobi National Park, near Nairobi, Kenya, December 3, 2018. “Kenya’s development goals have nonetheless suffered a significant setback... the (COVID-19) shock has also crystallized debt-related vulnerabilities and exposed weaknesses in some state-owned enterprises,” it added. Earlier this month, the IMF said it was holding talks with Kenya on a new lending facility as the country faces ballooning budget deficits worsened by the coronavirus crisis. The government has stopped seeking expensive commercial debt to cut back on growing repayments at a time when revenue collection has been squeezed by the pandemic.
Persons: Amir Cohen The, , Ukur Yatani Organizations: International Monetary Fund, REUTERS, Amir Cohen The Fund, Kenya, Kenyan Finance, Reuters, Initiative Locations: NAIROBI, Nairobi, Kenya, East, COVID
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