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☆ Argentina’s Milei tells Davos ‘heroes’ how it should be done
▼ + stars: | 2024-01-17 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

“The Argentine economy is in such bad shape that it has to be shaken up. President Milei and his team are doing exactly that,” she said during an interview in Davos. He has also devalued Argentina’s currency. However, some of Milei’s measures, such as the devaluation, are also likely to stabilize Argentina’s economy in the medium term, Sperrfechter said. Among his most radical plans, Milei has pledged to ditch the peso as Argentina’s official currency and replace it with the US dollar.

Persons: London CNN —, ” “, ” Javier Milei, ”, Milei, Juan Peron, Kristalina Georgieva, CNN’s Richard Quest Wednedsay, Milei’s, Kimberley Sperrfechter, Sperrfechter, It’s Organizations: London CNN, Economic, Council, Foreign Relations, Reuters, International Monetary Fund, IMF, Argentine, Capital Economics, CNN, “, US Federal Reserve Locations: Davos, Switzerland, Argentina, Argentine, US, “ Argentina

☆ Premarket stocks: The rich and powerful are meeting in Davos. Here’s what they’re talking about
▼ + stars: | 2024-01-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Climate catastrophes: Climate change is a hot topic as leaders meet to discuss balancing economic growth with sustainability. Davos comes just days after scientists around the globe reported that the average temperatures last year reached a new record high. The report also said that cooperation among global leaders on the issue is scarce. So while leaders will likely discuss the use of fossil fuels and green development, there may not be much agreement. Leaders gathered in Davos Sunday to discuss Ukrainian President Zelensky’s 10-point peace plan to end Russia’s war with his country.

Persons: Isaac Herzog, Volodymyr Zelensky, Emmanuel Macron, Li Qiang, Antony Blinken, Jake Sullivan, John Kerry, Satya Nadella, Sam Altman, Jamie Dimon, Brian Moynihan, Larry Fink, Donald Trump, ”, Philipp Hildebrand, CNN’s Richard Quest, ” “, ” Nicolai Tangen, CNN’s, “, Kristalina Georgieva, OpenAI’s Altman, Microsoft’s, Zelensky’s, JPMorgan’s Dimon, Herzog, Klaus Schwab, Tami Luhby, Elon Musk, Bernard Arnault, Jeff Bezos, Larry Ellison, Warren Buffett, Nabil Ahmed, ” Ahmed, Jordan Valinsky, Comité Organizations: New, New York CNN, World Economic, National, Business, Microsoft, JPMorgan, Bank of America, BlackRock, Republican, GOP, ” BlackRock, Bank, Norges Bank, International Monetary Fund, IMF, State, Amazon, Oracle, Berkshire Hathaway, Oxfam, Workers Locations: New York, Davos, United States, Iowa, Europe, Taiwan, India, Mexico, China, Covid, Champagne, France

☆ CNBC Daily Open: A look across the Atlantic
▼ + stars: | 2024-01-16 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. ECB could defy marketsEuropean Central Bank policymaker and hawk Robert Holzmann said the ECB may not deliver any interest rate cuts this year. Holzmann told CNBC at the World Economic Forum in Davos, Switzerland, that he sees a possibility of zero rate cuts this year, defying market expectations. Georgieva told CNBC on the sidelines of Davos that the world's second-largest economy is facing both short-term and long-term challenges.

Persons: Martin Luther King, Robert Holzmann, Holzmann, Georgieva Organizations: CNBC, Economic, Martin Luther King Day, Central Bank, ECB, International Monetary Fund, Federal Reserve Locations: Davos, Switzerland, Germany, China

☆ CNBC Daily Open: Down to Davos
▼ + stars: | 2024-01-16 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Asia markets fell, led lower by declines in Hong Kong stocks, as Japan shares cooled off from their record-breaking rally. Georgieva told CNBC on the sidelines of Davos that the world's second-largest economy is facing both short-term and long-term challenges. [PRO] Morgan Stanley picks 'alpha' stocksAlpha stocks are those that can beat the benchmark index, and Morgan Stanley picked its favorite plays in Asia.

Persons: Martin Luther King Day, Goldman Sachs, Morgan Stanley, Robert Holzmann, it's, Mario Centeno, Georgieva Organizations: CNBC, ECB, European Central Bank, Economic, International Monetary Fund, Alpha Locations: Asia, Hong Kong, Japan, Davos, Switzerland, China, Pacific

BANGKOK (AP) — Shares fell Tuesday in Asia, with Hong Kong’s benchmark down nearly 2%, as jitters over Chinese markets dimmed confidence across the region. Tokyo’s Nikkei 225 index fell, snapping a New Year’s winning streak that took it to its highest level in 34 years. The dollar weakened against the Japanese yen even as a former central bank official said that the Bank of Japan is preparing to end its longstanding negative interest rate policy. The dollar bought 146.12 yen, up from 145.75 late Monday and at its highest level in more than one month. Traders are largely betting on the Fed cutting its main interest rate six or more times through 2024.

Persons: —, Meituan, Kristalina Georgieva, Kospi, Germany's DAX, It's, Brent Organizations: Dow Jones, Nikkei, Bank of Japan, Federal Reserve, Tencent, China Garden Holding, Ocean, IMF, CNBC, CAC, Traders, Fed, New York Mercantile Exchange Locations: BANGKOK, Asia, U.S, Shanghai, China, Beijing, South, Australia, Paris

☆ IMF chief says AI could disrupt nearly 40% of global employment ahead of Davos
▼ + stars: | 2024-01-15 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

In a Sunday blog post, IMF chief Kristalina Georgieva called for governments to establish social safety nets and offer retraining programs to counter the impact of AI. As AI continues to be adapted by more workers and businesses, it’s expected to both help and hurt the human workforce, Georgieva noted. In more developed economies, for example, as much as 60% of jobs could be impacted by AI. AI became a hot topic at the WEF in Davos last year as ChatGPT took the world by storm. Georgieva, in her blog post, also cited opportunities to boost output and incomes around the world with the use of AI.

Persons: Kristalina Georgieva, ”, Georgieva, ChatGPT, Goldman Sachs, “ Let’s Organizations: Hong Kong CNN, International Monetary Fund, IMF, Economic, “ Locations: Hong Kong, Davos, Switzerland, India, Brazil, Burundi, Sierra Leone

☆ IMF chief: China needs reforms to halt 'significant' growth declines
▼ + stars: | 2024-01-15 | 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 chief: China needs reforms to halt 'significant' growth declinesInternational Monetary Fund Managing Director Kristalina Georgieva says China needs structural reforms to halt "a fairly significant decline in growth rates."

Persons: Kristalina Georgieva Organizations: IMF, Fund Locations: China

☆ IMF warns AI to hit almost 40% of jobs worldwide and worsen overall inequality
▼ + stars: | 2024-01-15 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

The IMF noted that about 60% of jobs could be impacted by AI in high-income nations, and roughly half of these may benefit from AI integration to boost productivity. Comparatively, AI exposure was estimated to come in at 40% in emerging markets and at 26% in low-income countries, respectively. The findings suggest that emerging markets and low-income countries face fewer disruptions from AI in the short-term. The IMF also flagged that AI could affect income and wealth inequality within countries, warning of "polarization within income brackets." The IMF report comes as business and political leaders from around the world gather at the World Economic Forum in Davos, Switzerland.

Persons: Hollie Adams, Kristalina Georgieva, Georgieva, Goldman Sachs, WEF Organizations: Economic, Bloomberg, Getty, Monetary Fund, D.C, IMF Locations: Davos, Switzerland, The Washington

☆ AI will affect about 40% of global jobs: IMF
▼ + stars: | 2024-01-15 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +2 min

IMF chief Kristalina Georgieva says AI will impact roughly 40% of global employment. She expects advanced economies to be more affected than emerging markets and developing economies. AdvertisementIMF Managing Director Kristalina Georgieva predicts that AI will affect roughly 40% of jobs worldwide. This is because of AI's "ability to impact high-skilled jobs," Georgieva said. In comparison, Georgieva expects emerging markets and developing economies to "face fewer immediate disruptions from AI."

Persons: Kristalina Georgieva, —, Georgieva, Goldman Sachs, Annesh Raman, Raman, Molly Wood Organizations: Service, IMF, Business Insider

☆ China needs reforms to halt 'significant' growth declines, IMF chief says
▼ + stars: | 2024-01-15 | by ( Vicky Mckeever | ) www.cnbc.com time to read: +1 min

Kristalina Georgieva, managing director of the International Monetary Fund, at a press conference at the IMF Headquarters on April 14, 2023. The head of the International Monetary Fund warned Monday that China needs structural reforms in order to avoid "a fairly significant decline in growth rates." Speaking to CNBC at the World Economic Forum in Davos, Switzerland, Kristalina Georgieva said China was facing both short-term and long-term challenges. In the short-term, she said China's property sector still needed "fixing," along with a high level of local government debt. "Ultimately, what China needs are structural reforms to continue to open up the economy, to balance the growth model more towards domestic consumption, meaning create more confidence in people, so [they] don't save, they spend more," Georgieva said.

Persons: Kristalina Georgieva, Georgieva Organizations: International Monetary Fund, IMF, CNBC, Economic Locations: China, Davos, Switzerland

☆ 'Decarbonization can't accelerate without carbon pricing,' IMF managing director says
▼ + stars: | 2023-12-03 | 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 Email'Decarbonization can't accelerate without carbon pricing,' IMF managing director saysDecarbonization can’t accelerate without carbon pricing, IMF Managing Director Kristalina Georgieva says at the COP28 summit.

Persons: Decarbonization, Kristalina Georgieva Organizations: IMF

☆ IMF chief makes the case for carbon pricing as 'writing on the wall' for oil and gas
▼ + stars: | 2023-12-03 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Kristalina Georgieva, managing director of the International Monetary Fund, speaks during the Singapore FinTech Festival in Singapore, on Wednesday, Nov. 15, 2023. Dubai, UNITED ARAB EMIRATES — The head of the International Monetary Fund on Sunday underlined the case for carbon pricing at the COP28 climate summit, saying that the oil and gas industry recognizes "the writing on the wall." A long-time proponent of carbon pricing, IMF Managing Director Kristalina Georgieva said this approach creates an incentive for polluters to rapidly decarbonize. Carbon pricing ascertains the cost that a company needs to pay for its planet-warming emissions and is widely regarded as the most cost-effective and flexible way to cut such pollution. "For those that have adopted a carbon price, how do we get big emitters to accept that we need to accelerate decarbonization?"

Persons: Kristalina Georgieva, Georgieva, CNBC's Dan Murphy, Nature Organizations: International Monetary Fund, Singapore FinTech Festival, UNITED, EMIRATES, IMF Locations: Singapore, Dubai

[1/2] International Monetary Fund Managing Director Kristalina Georgieva addresses the media on the fourth day of the annual meeting of the IMF and the World Bank, in Marrakech, Morocco, October 12, 2023. "So that is to my mind the number one priority for this COP, is to recognise that business as usual has to be dropped." Several countries were also considering using their 2021 SDR allocation on a bilateral basis alongside IMF programmes, she added. While the current average price was now around $5 a ton, "clearly there is a long, long, long way to go", she said, citing a preference for carbon taxes but openness to trading systems, as seen in Europe, or U.S.-style standards and rebates. This is ongoing work at the fund," she said, citing ongoing talks with the World Bank on how it would work.

Persons: Kristalina Georgieva, Susana Vera, Georgieva, it's, Andrea Shalal, Marc Jones, David Lawder, Alex Richardson Organizations: Monetary Fund, IMF, World Bank, REUTERS, International Monetary Fund, Reuters, Growth Trust, Sustainability Trust, African Development Bank, Inter, American Development Bank, Thomson Locations: Marrakech, Morocco, Dubai, Paris, Europe

Argentine President-elect Javier Milei departs the Eisenhower Executive Office Building after meeting with Biden administration staff at the White House complex in Washington, U.S., November 28, 2023. His foreign policy, meanwhile, is unabashedly pro-United States and pro-Israel, with a cooler stance on top trade partners Brazil and China. 2 Gita Gopinath and other fund officials, the fund said separately. The IMF has said in the past that dollarization is not a substitute for sound macroeconomic policy. Milei and IMF officials had a first virtual meeting on Friday, which Georgieva called a "very constructive engagement".

Persons: Javier Milei, Kevin Lamarque, Milei, Jake Sullivan, Juan Gonzalez, Benjamin Gedan, Alberto Fernandez, Vladimir Putin, Kristalina Georgieva, Posse, Luis Caputo, Gita Gopinath, Georgieva, Jason Lange, Rodrigo Campos, Rosalba O'Brien, Christopher Cushing Organizations: Argentine, Biden, REUTERS, Rights, U.S, White, National Security, Western, United, Israel, America, Wilson, International Monetary Fund, IMF, Reuters, Thomson Locations: Washington , U.S, Washington, Argentina, United States, Brazil, China, U.S, Moscow, Ukraine, Beijing, Argentine, New York

☆ Argentina's Milei invites Brazil's Lula to inauguration, travels to US
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: +3 min

Last week Milei, who travels to the United States on Sunday, had already softened his tone with China's communist leadership, thanking President Xi Jinping for a letter congratulating him. "I hope that our mutual time as presidents will be a stage for fruitful work and the construction of ties that consolidate the role Argentina and Brazil can and must fulfill in the concert of nations," Milei told Lula. The letter was delivered by his top foreign policy adviser, Diana Mondino, to Brazil's Foreign Relations Minister Mauro Vieira at a meeting in Brasilia. The new Argentine leader is closer politically and personally to former Brazilian President Jair Bolsonaro and has invited him to his inauguration. Milei meanwhile was set to travel to the U.S. on Sunday, a spokesperson told Reuters, noting he would attend a religious ceremony in New York and have meetings in Washington.

Persons: Javier Milei, Brazil's, Luiz Inacio Lula da Silva, Milei, Lula, Xi Jinping, Diana Mondino, Mauro Vieira, Jair Bolsonaro, Bolsonaro, Mondino, Vieira, Karina, Kristalina Georgieva, Gabriel Araujo, Lisandra, Jorge Otaola, David Gregorio, Stephen Coates Organizations: SAO PAULO, Foreign, Argentine, White, U.S . Treasury, International Monetary Fund, dollarizing, IMF, Thomson Locations: BRASILIA, BUENOS AIRES, Argentine, Brazil, United States, China, Argentina, Brasilia, Mercosur, New York, Washington, dollarizing Argentina, U.S, Sao Paulo, Buenos Aires

☆ Argentina's Milei, IMF discuss fiscal adjustment plan, monetary program
▼ + stars: | 2023-11-25 | by ( ) www.reuters.com time to read: +1 min

Argentine presidential candidate Javier Milei addresses supporters as they react to the results of Argentina's runoff presidential election, in Buenos Aires, Argentina November 19, 2023. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsNov 24 (Reuters) - Argentina President-elect Javier Milei said on Friday he had spoken with the director of the International Monetary Fund (IMF), Kristalina Georgieva, regarding plans to adjust the country's fiscal policy and monetary program. The country is currently facing inflation nearing 150%, a looming recession and net reserves seen at negative $10 billion. Argentina is tied up by a $44 billion loan program from the IMF that has veered off track. "The IMF is committed to support efforts to durably reduce inflation, improve public finances and raise private-sector-led growth," Georgieva said on X.

Persons: Javier Milei, Agustin Marcarian, Kristalina, Milei, Georgieva, Kylie Madry, Isabel Woodford Organizations: Argentine, REUTERS, International Monetary Fund, IMF, Thomson Locations: Buenos Aires, Argentina

☆ IMF, China ready to work with new Argentina leader Milei
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] Argentine president-elect Javier Milei waves to his supporters after winning Argentina's runoff presidential election, in Buenos Aires, Argentina November 19, 2023. REUTERS/Agustin Marcarian Acquire Licensing RightsLONDON, Nov 20 (Reuters) - Kristalina Georgieva, head of the International Monetary Fund, and a spokesperson for China's foreign ministry said on Monday they were ready to work with Argentina's president-elect Javier Milei. Argentina elected right-wing libertarian Javier Milei as its new president on Sunday, rolling the dice on an outsider with radical views to fix an economy battered by triple-digit inflation, a looming recession and rising poverty. The IMF has a $44 billion loan program with Argentina. Reporting by Karin Strohecker and Liz Lee in Beijing; editing by Marc Jones and Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.

Persons: Javier Milei, Agustin Marcarian, Georgieva, Mao Ning, Karin Strohecker, Liz Lee, Marc Jones, Mark Heinrich Our Organizations: Argentine, REUTERS, International Monetary Fund, IMF, South, Thomson Locations: Buenos Aires, Argentina, China, Beijing

☆ Can Argentina really move from the peso to the dollar?
▼ + stars: | 2023-11-20 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

2 economy and ditch its peso currency in favor of the US dollar. Milei must tackle inflation above 140%, a shortfall in foreign currency reserves and the prospect of another painful recession. Argentina’s financial markets are closed Monday for a local holiday, but the peso weakened slightly in partial trade to stand at around 353.58 to the US dollar. Bruno Gennari, Argentina expert at fixed income broker dealer KNG Securities, said the peso was trading at $1,009 versus the dollar on crypto exchanges Monday, considerably weaker than the $869 and $975 rates seen on Friday. Dollarization means Argentina would give up the peso and use the US dollar as its currency, effectively wresting control of monetary policy from the country’s central bank and handing it to the US Federal Reserve.

Persons: London CNN — Javier Milei, Sergio Massa, Milei, ” —, —, ” Milei, ”, “, Bruno Gennari, Javier Milei, Natacha, dollarization, ” William Jackson, “ It’s, Thierry Larose, ” Larose, Kristalina Georgieva, Jackson, — Valentina Gonzalez, Stefano Pozzebon, Olesya Dmitracova Organizations: London CNN, Libertad Avanza, Peronist, “, ” Financial, Argentine, State, Banco, Grupo Financiero Galicia, KNG Securities, US Federal Reserve, AP, Capital Economics, Vontobel, Management, CNN, Monetary Fund, Bank, IMF, Reuters Locations: Argentina, New York, Brazil, Mexico, Dollarization, Argentina’s, Zurich, dollarization, Washington, DC, Argentine

☆ Most Gulf markets gain on rising oil prices
▼ + stars: | 2023-11-19 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

REUTERS/Christopher Pike Acquire Licensing RightsNov 19 (Reuters) - Most stock markets in the Gulf ended higher on Sunday in response to Friday's rise in oil prices, with the Saudi index rising for a fourth consecutive session. Oil prices - often a catalyst for the Gulf's financial market - jumped more than 4% on Friday, rebounding from a 4-month low, with U.S. sanctions on some Russian oil shippers lending support. Saudi Arabia's benchmark index (.TASI) gained 0.5%, with oil giant Saudi Aramco (2222.SE) gaining 0.3% and the country's biggest lender Saudi National Bank (1180.SE) advancing 1.5%. In Qatar, the index (.QSI) closed 0.2% higher, helped by a 1% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA). Outside the Gulf, Egypt's blue-chip index (.EGX30) advanced 2.1%, buoyed by a 3.8% jump in Commercial International Bank (CIB) (COMI.CA).

Persons: Joe Biden, Christopher Pike, Kristalina Georgieva, Ateeq, Alex Richardson Organizations: Dubai Financial, United Arab Emirates, REUTERS, Saudi, Saudi Aramco, Saudi National Bank, Qatar National Bank, Gulf Cooperation Council, U.S . Federal Reserve, International Bank, CIB, Egypt's, European Bank for Reconstruction, Monetary Fund, Reuters, Thomson Locations: Dubai, United Arab, Saudi, Qatar, Israel, Ateeq Shariff, Bengaluru

☆ IMF may need to augment Egypt program amid Gaza war impacts, Georgieva says
▼ + stars: | 2023-11-18 | by ( ) www.reuters.com time to read: +1 min

Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, addresses the media on the fourth day of the annual meeting of the IMF and the World Bank, following September's deadly earthquake, in Marrakech, Morocco, October 12, 2023. REUTERS/Susana Vera/File Photo Acquire Licensing RightsSAN FRANCISCO, Nov 17 (Reuters) - International Monetary Fund Managing Director Kristalina Georgieva told Reuters on Friday the Fund was "seriously considering" a possible augmentation of Egypt's $3 billion loan program due to economic difficulties posed by the Israel-Hamas war. Georgieva told Reuters in an interview on the sidelines of the Asia Pacific Economic Cooperation Summit that the conflict is "devastating" Gaza's population and economy and has "severe impacts" on the West Bank's economy and is also posing difficulties for neighboring countries Egypt, Lebanon and Jordan through the loss of tourism and higher energy costs. Reporting by David Lawder Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: Kristalina, Susana Vera, Kristalina Georgieva, Georgieva, David Lawder, Chris Reese Organizations: International Monetary Fund, IMF, World Bank, REUTERS, FRANCISCO, Monetary Fund, Reuters, Asia Pacific Economic Cooperation, Thomson Locations: Marrakech, Morocco, Israel, Egypt, Lebanon, Jordan

☆ Exclusive: IMF chief says Biden-Xi engagement an important signal for world to cooperate
▼ + stars: | 2023-11-18 | by ( David Lawder | ) www.reuters.com time to read: +4 min

The Biden-Xi meeting is "important at a time when geo-economic fragmentation has indeed deepened with negative consequences for the prospects for accelerating growth," Georgieva said. U.S.-China engagement also will be an important factor on negotiations over World Trade Organization reform, including restoration of its dispute settlement system. "We are already seeing the impact of antisemitism and Islamophobia, raising their ugly heads all over the world. IMF SHAREHOLDING REFORMSU.S. Treasury Secretary Janet Yellen said during meetings last week with her Chinese counterpart that a key outcome of U.S.-China economic engagement was Beijing's support for a 50% increase in IMF quota-based resources, without an immediate rise in shareholding for China. Georgieva said it was important for the IMF to start quickly on revamping its shareholding formula to boost the representation of fast-growing developing economies: "The world needs an IMF that is financially strong, and that is also legitimate."

Persons: Joe Biden, Kristalina, Dina Boluarte, Loren Elliott, Kristalina Georgieva, Xi Jinping, Georgieva, Biden, Xi, Janet Yellen, David Lawder, Chris Reese, Tom Hogue Organizations: International Monetary Fund, Economic Cooperation, REUTERS, FRANCISCO, Monetary Fund, Reuters, Biden, U.S ., APEC, U.S, World Trade Organization, United, Hamas, IMF, Treasury, Thomson Locations: Asia, San Francisco , California, U.S, China, United Arab Emirates, GAZA, Gaza, Egypt, Lebanon, Jordan, Israel

☆ IMF says central bank digital currencies can replace cash: 'This is not the time to turn back'
▼ + stars: | 2023-11-15 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

SINGAPORE — Central bank digital currencies have the potential to replace cash, but adoption could take time, said Kristalina Georgieva, managing director of the International Monetary Fund on Wednesday. "CBDCs can replace cash which is costly to distribute in island economies," she said Wednesday at the Singapore FinTech Festival. CBDCs are the digital form of a country's fiat currency, which are regulated by the country's central bank. They are powered by blockchain technology, allowing central banks to channel government payments directly to households. Several central banks have already launched pilots or even issued a CBDC," the IMF said in a September report.

Persons: Kristalina Georgieva Organizations: International Monetary Fund, IMF, Singapore FinTech, Bank for International, Atlantic Council Locations: SINGAPORE — Central, Singapore

☆ IMF chief urges more proactive push for central bank digital currencies
▼ + stars: | 2023-11-15 | by ( Marc Jones | ) www.reuters.com time to read: +2 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsLONDON, Nov 15 (Reuters) - The head of the International Monetary Fund has urged countries to make a more proactive push to develop central bank digital currencies (CBDC). Eleven countries, including a number in the Caribbean, and Nigeria, have already launched CBDCs. Around 120 others are exploring them, although progress and approaches differ widely and a few have even abandoned the idea altogether. Georgieva said that with technology advancing so rapidly, countries needed to push ahead with development now to avoid getting caught out in future.

Persons: Yuri Gripas, Kristalina Georgieva, Georgieva, Marc Jones, Paul Simao Organizations: Monetary Fund, REUTERS, International Monetary Fund, IMF, Thomson Locations: Washington , U.S, Caribbean, Nigeria, Singapore

☆ The escalating Israel-Hamas conflict raises risks of global market contagion, economist says
▼ + stars: | 2023-10-30 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Mohamed Aly El-Erian, chief economic advisor for Allianz SE, during a Bloomberg Television interview in London, UK, on Monday, Sept. 25, 2023. El-Erian spoke alongside former UK Prime Minister Gordon Brown and economist Michael Spence, his co-authors for their book Permacrisis: A Plan to Fix a Fractured World. Photographer: Chris Ratcliffe/Bloomberg via Getty ImagesAs the Israel-Hamas war draws into into its fourth week, the risks to the global economy are rising, economist Mohamed el-Erian said Monday. The impact on global markets in response to the onset of the war was initially limited, as investors first assessed that the conflict was contained. "It is terrible in terms of economic prospects for the epicenter for the war," she said.

Persons: Mohamed Aly El, Erian, Gordon Brown, Michael Spence, Chris Ratcliffe, Mohamed el, CNBC's Dan Murphy, Israel, Kristalina Georgieva Organizations: Allianz, Bloomberg Television, Bloomberg, Getty, AIM, Federal, International Monetary Fund Locations: London, Israel, Gaza, Dubai, Iran, Lebanon

☆ IMF: Neighboring economies likely hit by Israel-Hamas war
▼ + stars: | 2023-10-25 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —The Israel-Hamas war is likely to hurt other economies in the Middle East, including Egypt, Lebanon and Jordan, International Monetary Fund (IMF) managing director Kristalina Georgieva said Wednesday. Tourism will likely take a hit, and the cost of insuring the movement of goods will go up. The IMF sees an “incredibly resilient world economy, but jittery and more so,” as a consequence of the war, Georgieva said. Her comments highlight that the economic fallout from the war is only likely to grow, even as financial markets remain relatively sanguine about the consequences for now. Make sure that you understand [higher] interest rates are here to stay for longer,” she said, pointing to the fact that inflation was not falling fast enough.

Persons: Kristalina Georgieva, CNN’s Richard Quest, Georgieva, “, ” Richard Kozul, Wright, ”, ” — Winston Lo Organizations: London CNN, International Monetary Fund, Future Investment Initiative, “, IMF, United Nations Conference, Trade, Development, West Bank, Gross, UNCTAD, Saudi Locations: Israel, Egypt, Lebanon, Jordan, “ Davos, Saudi Arabia, Tourism, Russia, Gaza, East Jerusalem, Ukraine

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