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☆ Yellen: met with S.Korean finance minister, looking forward to trilateral with Japan
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

U.S. Secretary of Treasury Janet Yellen attends a Multilateral Development Bank (MDB) roundtable at the annual meeting of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 13, 2023. REUTERS/Susana Vera Acquire Licensing RightsMARRAKECH, Morocco, Oct 13 (Reuters) - U.S. Treasury Secretary Janet Yellen on Friday said she met with South Korean Finance Minister Choo Kyung-ho, and looked forward to a trilateral meeting with Japan's finance minister. Yellen, in a posting on X, formerly known as Twitter, said she met with Choo on the sidelines of the annual meetings of the International Monetary Fund and World Bank in Marrakech, Morocco and they discussed recent macroeconomic developments and security issues. It was not immediately clear when the U.S., Japanese and South Korean finance ministers would meet for a trilateral engagement. Reporting by Andrea Shalal, Editing by Franklin PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Susana Vera, South Korean Finance Minister Choo Kyung, Yellen, Choo, Andrea Shalal, Franklin Paul Organizations: Development Bank, International Monetary Fund, World Bank, REUTERS, Rights, . Treasury, South Korean Finance Minister, Twitter, Franklin Paul Our, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, U.S, Korean

☆ IMF says Asian economies under cosh as China's property woes bite
▼ + stars: | 2023-10-13 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

China's post-lockdown economic boost lost momentum earlier than expected, the IMF said. "On the downside, a more protracted real estate crisis and limited policy response in China would deepen the regional slowdown." A sudden tightening of global financial conditions could lead to capital outflows and weaken exchange rates in Asia, the blog added. "While Asia is still set to contribute about two-thirds of all global growth this year, it is important to note that growth is significantly lower than what was projected before the pandemic," the IMF said. The Bank of Japan (BOJ) had maintained a cap on the country's 10-year bond yield at around zero, to support a fragile economy.

Persons: Aly, Leika, John Stonestreet Organizations: China Evergrande Group, REUTERS, China, International Monetary Fund, IMF, Bank of Japan, Thomson Locations: Danzhou, Hainan province, China, Asia, MARRAKECH, Morroco, U.S, outflows, Marrakech, Japan

MARRAKECH, Morocco, Oct 13 (Reuters) - After getting debt relief from China, Ethiopia is requesting similar treatment from other creditors, the International Monetary Fund's deputy director for Africa said on Friday. Ethiopian authorities said in August that China was allowing Ethiopia to suspend debt payments for the fiscal year running until July 7, 2024. "The Chinese authorities have already provided debt relief to Ethiopia and we understand that they're in the process of requesting a similar treatment from other creditors. "There is a debt service suspension with China, which is providing substantial relief," she said, adding that this was the agreement announced in August. Ethiopia regularly suffers from foreign exchange shortages and a wide gap between the official and black market currency exchange rates.

Persons: Africa's, Annalisa Fedelino, Fedelino, Rachel Savage, Dawit Endeshaw, Tannur Anders, Bhargav, Alexander Winning, Susan Fenton Organizations: Monetary, IMF, Boston University, birr, Thomson Locations: MARRAKECH, Morocco, China, Ethiopia, Africa, Marrakech, birr, Addis Ababa

☆ ECB policymakers eye springtime push to cut payments on banks' deposits, sources say
▼ + stars: | 2023-10-13 | by ( Balazs Koranyi | ) www.reuters.com time to read: +5 min

MARRAKECH, Oct 13 (Reuters) - European Central Bank policymakers are planning a springtime push to cut interest payments made to commercial banks, in part to recoup some of the costs associated with a decade worth of stimulus, sources familiar with discussions said. That would mean overall interest payments to lenders - which still earn the ECB deposit rate, currently 4%, on other excess cash parked with the central bank - would be reduced further. But the ECB rejected the proposal in July, partly on resistance from its Executive Board, the sources said. The board's key argument is that excess liquidity is distributed unevenly across the euro zone and raising the ratio would put an excessive burden on smaller banks with a larger portion of deposits. Deutsche Bank CEO Christian Sewing argued that the change would add to banks' financial burdens and restrict their lending options.

Persons: Bundesbank, Joachim Nagel, Robert Holzmann, Latvia's Martin Kazaks, Isabel Schnabel, Austria's Holzmann, France's Francois Villeroy de, Pierre Wunsch, We're, Schnabel, Deutsche Bank CEO Christian Sewing, Tom Sims, John Stonestreet Organizations: Central Bank, ECB, Austrian, Barclays, Deutsche Bank CEO Christian, Thomson Locations: MARRAKECH

☆ Japan tells G20 it may need to act in FX market
▼ + stars: | 2023-10-13 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

The remarks came as the yen renewed its declines against the dollar, and underscored Tokyo's resolve to keep markets on edge over the chance of exchange-rate intervention to prop up the Japanese currency. "I told the G20 meeting we need to be mindful of the risk that market volatility could heighten, including in the currency market, as monetary tightening continues globally," Suzuki told a news conference after attending a meeting of Group of 20 (G20) finance ministers and central bank governors. "I also said excess volatility in the currency market was undesirable, and that we may need to take appropriate action depending on developments," Suzuki said. The official said Tokyo stood ready to act in the currency market if market moves become too volatile. Japan last intervened in the currency market to prop up the yen in September and October last year.

Persons: Shunichi Suzuki, Susana Vera, Suzuki, Kazuo Ueda, Leika Kihara, Cynthia Osterman, David Gregorio, Marguerita Choy Organizations: International Monetary Fund, World Bank, REUTERS, Japanese Finance, . Federal Reserve, Bank of Japan, Group, Thomson Locations: Marrakech, Morocco, Tokyo, MARRAKECH, Japan

REUTERS/Susana Vera Acquire Licensing RightsMARRAKECH, Morocco, Oct 13 (Reuters) - The International Monetary Fund's engagement with El Salvador has been "very productive" following a recent visit from a negotiating team, but an agreement is "not there yet" for a new financing program, an IMF official said on Friday. "The engagement with El Salvador has been very productive," Rodrigo Valdes, director of the IMF's Western Hemisphere Department, told Reuters. "We just had a mission there, a negotiating mission, but we knew that it would be a first step," he said. The IMF said in late September that it was working with El Salvador on "technical issues" and on minimizing the risks from the country's adoption of bitcoin as legal tender. "In other countries fragmentation, low popularity, are constraints for policy actions and here they have a very valuable opportunity," the IMF official said.

Persons: Western Hemisphere Department Rodrigo Valdes, Susana Vera, El Salvador, Rodrigo Valdes, Valdes, we're, Nayib Bukele, El, Bukele, Jorgelina, Rodrigo Campos, Nelson Renteria, Paul Simao Organizations: International Monetary Fund, Western Hemisphere Department, Reuters, IMF, World Bank, REUTERS, Rights, Monetary, El, Salvadoran, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, El Salvador, Salvadoran, Rosario, New York, San Salvador

☆ 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

"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 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

☆ Bank of Canada says economy is not heading for a 'serious recession'
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario, Canada June 22, 2020. REUTERS/Blair Gable/File Photo Acquire Licensing RightsOTTAWA, Oct 13 (Reuters) - Bank of Canada Governor Tiff Macklem on Friday said the economy is not heading for a "serious recession" and that he is looking for a clear sign underlying inflation is easing ahead of a rate decision on Oct 25. "We're not going to be forecasting a serious recession," Macklem told reporters in a call from Marrakech, Morocco, where he was attending an IMF meeting. Macklem said the bank would be weighing whether to let previous rate hikes work through the economy or raise rates again to counter sticky inflation. "What we're looking for are clear signs that core inflation, underlying inflation, those pressures are easing and inflation is going to be coming down," Macklem said.

Persons: Blair Gable, We're, Macklem, Steve Scherer, David Ljunggren Organizations: Bank of Canada, REUTERS, Rights OTTAWA, Reuters, Thomson Locations: Ottawa , Ontario, Canada, Marrakech, Morocco, Reuters Ottawa

Janet Yellen, United States Secretary of Treasury, participates in global infrastructure and investment forum in New York, Thursday, Sept. 21, 2023. Seth Wenig/Pool via REUTERS/File Photo Acquire Licensing RightsMARRAKECH, Morocco, Oct 13 (Reuters) - U.S. Treasury Secretary Janet Yellen told Reuters on Friday that she still believes U.S. shelter inflation will continue to ease despite new consumer price data on Thursday showing a jump in housing costs, but the process may take some time. "We do definitely believe that's coming down over time," Yellen said in an interview on the sidelines of the International Monetary Fund and World Bank meetings in Morocco. Yellen has long said that housing costs, will ease over time, helping to bring down core inflation, and said Thursday's CPI report has not deterred her from that view. "I think we have very good reason to believe, with lags, that will come down, and I don't think there's anything in the report that would cause us to think that's a mistake in judgment," Yellen said.

Persons: Janet Yellen, Seth Wenig, Yellen, David Lawder, Andrea Ricci, Marguerita Choy Organizations: Treasury, Rights, . Treasury, Reuters, International Monetary Fund, World Bank, Federal Reserve, CPI, Thomson Locations: United States, New York, Rights MARRAKECH, Morocco

☆ Yellen, China's top central banker talk about debt, economic developments -US Treasury
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

U.S. Secretary of Treasury Janet Yellen and People’s Bank of China Governor Pan Gongsheng pose before holding a bilateral meeting on the fifth day of the annual meeting of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco, October 13, 2023. REUTERS/Susana Vera Acquire Licensing RightsMARRAKECH, Morocco, Oct 13 (Reuters) - U.S. Treasury Secretary Janet Yellen and People's Bank of China Governor Pan Gongsheng on Friday held a "substantive and productive" meeting that covered debt, financial architecture and future economic communications, a Treasury spokesperson said. "During the substantive and productive meeting, Secretary Yellen and Governor Pan exchanged views on macroeconomic and financial developments," the spokesperson said in an emailed statement after the meeting on the sidelines of International Monetary Fund and World Bank meetings in Morocco. "They also discussed the international financial architecture and debt issues, as well as how to make the Financial Working Group co-chaired by Treasury and the PBOC substantive and productive," the spokesperson said, referring to one of two new U.S.-China economic communications groups launched in September. Reporting by David Lawder; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Janet Yellen, Pan Gongsheng, Susana Vera, Yellen, Pan, David Lawder, Alex Richardson Organizations: People’s Bank of China, International Monetary Fund, World Bank, REUTERS, Rights, . Treasury, People's Bank of China, Treasury, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, China

☆ BoE's Bailey says future rate decisions will be 'tight'
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Governor of the Bank of England Andrew Bailey attends a press conference for the Monetary Policy Report August 2023, at the Bank of England in London, Britain, August 3, 2023. Bailey echoed recent comments from other BoE officials who have stressed they are keeping their options open for future rate decisions after the Monetary Policy Committee voted 5-4 to halt its run of back-to-back rate hikes in September. Only a quarter of economists polled by Reuters late last month thought the MPC would vote to raise Bank Rate again on Nov. 2. "The last mile really does lean heavily on... restrictive policy," Bailey said, adding the economic outlook appeared "very subdued". Britain's potential growth rate - the pace at which the economy can grow without generating excess inflation - was "substantially less" than in the past, something that would continue to weigh on monetary policy, Bailey said.

Persons: Bank of England Andrew Bailey, Alastair Grant, Andrew Bailey, Bailey, BoE, Huw Pill, Ben Broadbent, Balazs Koranyi, Andy Bruce, William Schomberg Organizations: Bank of England, Monetary, Rights, Reuters, Institute of International Finance, International Monetary Fund, Thomson Locations: London, Britain, Rights MARRAKECH, Morocco, Marrakech

☆ Yellen: met with South Korean finance minister, looking forward to trilateral with Japan
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

☆ Italy not tied to any deadline to exit Monte Paschi, FinMin says
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

View of the entrance to the headquarters of Monte dei Paschi di Siena (MPS), the oldest bank in the world, which is facing massive layoffs as part of a planned corporate merger, in Siena, Italy, August 11, 2021. REUTERS/Jennifer Lorenzini/File Photo Acquire Licensing RightsMARRAKECH, Oct 13 (Reuters) - Italy will exit bailed-out bank Monte dei Paschi di Siena (MPS) (BMPS.MI) when market conditions are appropriate as it is not tied to any deadline, Economy Minister Giancarlo Giorgetti said on Friday. After a failed attempt to sell the bank to UniCredit (CRDI.MI) in 2021, Italy agreed with Brussels new privatisation terms that were never fully disclosed. Both Giorgetti and Prime Minister Giorgia Meloni have said that the government would try to boost competition among banks with the privatisation of MPS. ($1 = 0.9499 euros)Reporting by Elisa Martinuzzi, writing by Giuseppe Fonte, editing by Jane Merriman and Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

Persons: Jennifer Lorenzini, Giancarlo Giorgetti, Giorgetti, Giorgia Meloni, Meloni, Elisa Martinuzzi, Giuseppe Fonte, Jane Merriman, Gavin Jones Organizations: Monte, REUTERS, Rights, European Union, World Bank, International Monetary Fund, MPS, Banco, Treasury, Thomson Locations: Monte dei, Siena, Italy, Rights MARRAKECH, Rome, UniCredit, Brussels, Marrakech

☆ IMF's chief economist urges Italy to toughen budget plans -media
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Susana Vera/File photo Acquire Licensing RightsROME, Oct 12 (Reuters) - The International Monetary Fund wants Italy to make its 2024 budget framework more stringent, as tax cut plans made the Fund "a bit worried", its chief economist, Pierre-Olivier Gourinchas, said in a newspaper interview on Thursday. Gourinchas told the Corriere della Sera daily that Italy's structural deficit, net of interest spending, was not seen as falling fast enough. The IMF was "a bit worried" by planned tax cuts that "don't necessarily seem to go in the right direction", he added. It would be "desirable" if Prime Minister Giorgia Meloni's government revised its fiscal plans to make them more stringent before they are approved by parliament, he said. Over the next month Italy's budget faces scrutiny from credit ratings agencies, with S&P Global, DBRS, Fitch and Moody's all reviewing their assessment of the euro zone's third largest economy.

Persons: Pierre, Olivier Gourinchas, Susana Vera, Gourinchas, Giorgia, DBRS, Fitch, Moody's, Gavin Jones, Clarence Fernandez Organizations: Research Department IMF, Reuters, International Monetary Fund, World Bank, REUTERS, Rights, Monetary Fund, della Sera, IMF, P, Thomson Locations: Marrakech, Morocco, Italy, Rome

☆ Israel-Hamas conflict is 'new cloud' darkening economic outlook - IMF chief
▼ + stars: | 2023-10-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

REUTERS/Susana Vera Acquire Licensing RightsMARRAKECH, Morocco, Oct 12 (Reuters) - International Monetary Fund managing director Kristalina Georgieva said on Thursday the "heartbreaking" Israel-Hamas conflict threatened to darken an already murky global economic outlook. "We are closely monitoring how the situation evolves, how it is affecting, especially oil markets," Georgieva said. There had been some fluctuations in oil prices and reactions in markets but it was too early to predict the economic impact, she added. "It's heartbreaking to see innocent civilians dying," an emotional Georgieva told reporters. French Finance Minister Bruno Le Maire told reporters any regional expansion of the conflict would lead to "problematic economic consequences" for energy prices and global growth.

Persons: Kristalina, Susana Vera, Kristalina Georgieva, Georgieva, Israel, Bruno Le Maire, Andrea Shalal, David Lawder, Andrew Cawthorne, Andrew Heavens Organizations: International Monetary Fund, IMF, World Bank, REUTERS, Rights, Monetary Fund, Red, French Finance, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH, Israel, Gaza

"We would like to start as quickly as possible," he said of the buyback. Exceptional access would allow Kenya to ask for more than its limit of IMF funding. As of Oct. 5, the central bank said it had $6.9 billion in usable foreign exchange reserves, enough to cover around 3.7 months' worth of imports. The central bank held its main interest rate (KECBIR=ECI) at 10.5% on Oct. 3. Despite Kenya's debt pressures, the economy is set to grow 5.5% this year and around 6% in 2024, Thugge said, above the IMF forecasts for Sub-Saharan Africa of 3.3% and 4% respectively.

Persons: Kamau Thugge, Thugge, Rachel Savage, Jorgelina, Duncan Miriri, Karin Strohecker, Elisa Martinuzzi, Jan Harvey Organizations: Reuters, Trade, Development Bank, African Export, Import Bank, World Bank, International Monetary Fund, Thomson Locations: MARRAKECH, Morocco, Kenya, Marrakech, Saharan Africa, Rosario, Nairobi

☆ World Bank governors endorse 'liveable planet' vision - German minister
▼ + stars: | 2023-10-12 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

MARRAKECH, Morocco, Oct 12 (Reuters) - World Bank shareholders on Thursday endorsed further reforms and a new vision statement committing the multilateral development bank to work for "a world free of poverty on a liveable planet," German Development Minister Svenja Schulze said. "With the reform, we will make the World Bank into a better bank that uses its funds in a more targeted way," she said. "The World Bank will be able to provide more funds for poverty reduction and climate action." The World Bank would begin piloting this option for small states that are particularly affected by climate change, she said. Schulze said the bank's shareholders would push on to enact reforms and improvements at other development banks.

Persons: Svenja Schulze, Schulze, Ajay Banga, Banga, Andrea Shalal, Andrew Cawthorne, Jan Harvey, Mark Porter Organizations: World Bank, IMF, International Monetary Fund, Bank, MasterCard, Thomson Locations: MARRAKECH, Morocco, United States, Germany, France, Canada, Netherlands

☆ Malaysia central bank governor: Vigilant on upside risks to inflation
▼ + stars: | 2023-10-12 | 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 EmailMalaysia central bank governor: Vigilant on upside risks to inflationAbdul Rasheed Ghaffour, the governor of the Bank Negara Malaysia, speaks to CNBC at the International Monetary Fund and World Bank meetings in Marrakech, Morocco.

Persons: Abdul Rasheed Ghaffour Organizations: Vigilant, Bank Negara Malaysia, CNBC, International Monetary Fund, World Bank Locations: Malaysia, Marrakech, Morocco

☆ Watch: IMF's Georgieva and other leaders discuss debt relief and reforms on CNBC panel
▼ + stars: | 2023-10-12 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: 1 min

[The stream is slated to start at 10:45 a.m. Please refresh the page if you do not see a player above at that time.] CNBC's Joumanna Bercetche is moderating a panel at the annual meetings of the International Monetary Fund and World Bank in Marrakech, Morocco. Titled, "Reform Priorities for Tackling Debt," the seminar will include Kristalina Georgieva, the managing director of the IMF, Ajay Banga, the president of the World Bank Group, Mohammad Al-Jadaan, the minister of finance for Saudi Arabia, Situmbeko Musokotwane, minister of finance for Zambia, and Anna Gelpern, professor of law and international finance at Georgetown LawSubscribe to CNBC on YouTube.

Persons: Kristalina, Ajay Banga, Mohammad Al, Situmbeko Musokotwane, Anna Gelpern Organizations: International Monetary Fund, World Bank, World Bank Group, Georgetown Law, CNBC, YouTube Locations: Marrakech, Morocco, Saudi Arabia, Zambia

☆ Oil price shock could spur another rate hike, European Central Bank member says
▼ + stars: | 2023-10-12 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

The latest euro zone inflation figures are "comforting" — but oil prices still pose a risk that could push the European Central Bank into another rate hike, Belgium's central bank governor said Thursday. "It is one of the factors that, you know, could push inflation higher ... inflation would be higher in a way that we will not meet our target in [2025], then I think would have to do more," Pierre Wunsch told CNBC's Joumanna Bercetche, referring to a persistent shock in the price of oil. "If inflation would be higher than our forecast, no more than marginally, then I think we have to do more," he also said. When asked whether this marked a change in approach for the ECB, many members of which in 2021 described inflation driven by energy markets as transitory, Wunsch said: "I think it's just our reading of the impact of a succession of shocks has changed." The last 23 years of observing and modeling inflation had led policymakers to believe "sustained inflation was becoming close to impossible," Wunsch said in an interview at the International Monetary Fund's annual meetings in Marrakech, Morocco.

Persons: Pierre Wunsch, CNBC's Joumanna, Wunsch Organizations: European Central Bank, ECB, International Monetary Locations: Marrakech, Morocco

It comes amid criticism that the lending institutions are not taking climate change and the vulnerabilities of poor countries enough into account in their funding decisions. Dysfunctional because the system as a whole is too slow to respond to new challenges, such as climate change. Lee pointed to an IMF program that launched last year to help poor countries address problems like climate change. “The national policy to address climate change is lax — little or no focus is on climate change and the nexus between climate change and conflict in the Sahel is underappreciated,” Hassan said. “Go beyond the conflict itself to start prioritizing climate change as the root cause of the problem affecting these countries."

Persons: ”, William Ruto, Akinwumi Adesina, Moussa Faki, Patrick Verkooijen, Daniel Lee, Lee, Rwanda —, Carlos Lopes, It’s, Idayat Hassan, Ibrahim Audi, Femi, Lopes, ” Hassan, “, ” Mimiko, — Organizations: Global, International Energy Agency, International Monetary Fund, World Bank, New York Times, Kenyan, African Development Bank, African Union, IMF, Mandela School of Public, University of Cape, Center for Strategic, International Studies, Obafemi Awolowo University, Africa Climate Summit, International Rescue Committee, AP Locations: ABUJA, Nigeria, Africa, Africa's Sahel, Burkina Faso, Chad, Mali, Niger, Marrakech, Morocco, Rwanda, University of Cape Town , South Africa, Nigeria's, Katsina, Kenya

☆ IMF's Georgieva says debt restructuring process making progress
▼ + stars: | 2023-10-12 | 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 last month's deadly earthquake, in Marrakech, Morocco, October 12, 2023. REUTERS/Susana Vera Acquire Licensing RightsMARRAKECH, Morocco, Oct 12 (Reuters) - International Monetary Fund Managing Director Kristalina Georgieva on Thursday said consensus was growing in sovereign debt restructuring discussions on issues such as the comparability of treatment of private and public creditors. Georgieva told a news conference that the Group of 20 Common Framework for debt restructuring had been slow to deliver results, but it was encouraging that the time for dealing with individual country cases was now growing shorter. Throwing out the Common Framework would put the world in a "much less predictable environment," she said, adding creative approaches were also needed, including moves to better align debt restructuring with the climate crisis. Reporting by Andrea Shalal; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

Persons: Kristalina, Susana Vera, Kristalina Georgieva, Georgieva, Andrea Shalal, Sharon Singleton Organizations: International Monetary Fund, IMF, World Bank, REUTERS, Rights, Monetary Fund, Thomson Locations: Marrakech, Morocco, Rights MARRAKECH

IMF Managing Director Kristalina Georgieva said the organization was closely monitoring the economic impact of the war, especially on oil markets, where prices have fluctuated. The IMF expects economic growth to slow to 2% this year in the Middle East and North Africa, from 5.6% last year, as countries keep interest rates higher and contend with rising oil prices and local challenges. That's below the IMF's forecast for global economic growth of 3% this year but above next year's expected 2.9%. Political Cartoons View All 1207 ImagesWealthy countries in the Persian Gulf and elsewhere will benefit from higher oil prices, while Egypt and Lebanon are still contending with soaring inflation, the IMF said. Egypt secured a $3 billion IMF bailout last year that requires a raft of economic reforms, including a shift to a flexible exchange rate and a higher borrowing costs.

Persons: Kristalina Georgieva, Jihad Azour, ”, “, Azour, ” Azour, Jordan Organizations: United Arab Emirates, International Monetary Fund, IMF, Central Asia Department Locations: DUBAI, United Arab, Ukraine, Israel, Marrakech, Morocco, East, North Africa, That's, Persian, Egypt, Lebanon, Sudan

☆ Germany is not the 'sick man of Europe' – but this year isn’t looking good, central bank president says
▼ + stars: | 2023-10-12 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

(Photo by Kirill KUDRYAVTSEV / AFP) (Photo by KIRILL KUDRYAVTSEV/AFP via Getty Images) Kirill Kudryavtsev | Afp | Getty ImagesGermany is not the sick man of Europe, Bundesbank President Joachim Nagel told CNBC on Wednesday, while acknowledging that growth is "not good for this year." Speaking from the IMF World Bank annual meeting in Marrakech, Nagel said we shouldn't compare Germany's current economic situation with the period when it was last described as "the sick man." "It's a completely different, different situation," Nagel said. "I believe there is that understanding that we need to do something, but we are not the sick man of Europe," he added. Debate has sparked over whether Germany should once more be described as the "sick man," after Europe's largest economy was predicted to be the only major European economy to contract in 2023.

Persons: Kirill KUDRYAVTSEV, KIRILL KUDRYAVTSEV, Kirill Kudryavtsev, Joachim Nagel, Nagel, " Nagel Organizations: Getty, Afp, CNBC, IMF, Bank, Analysts, Monetary Fund Locations: Frankfurt, Germany, AFP, Europe, Marrakech

"This is something that we have been constantly looking at, and using information that becomes available to tighten sanctions," she said. SOFT LANDING 'NOT ... I'm not saying soft landing is an absolutely sure thing. But I continue to think it's the most likely path," due to the resilience in the labour market and moderating wage pressure, Yellen told a briefing. Yellen said Washington was monitoring the potential economic impact of the escalating conflict, though it was unlikely a major driver of the global outlook.

Persons: Janet Yellen, Yellen, Biden, Washington, Ajay Banga, Banga, Antony Blinken, there’s, I'm, Andrea Shalal, Chizu Organizations: . Treasury, Hamas, Israel, World Bank, International Monetary Fund, Ukraine, Israeli, World, Thomson Locations: MARRAKECH, Morocco, Israel, Palestinian, United States, Gaza, Iran, U.S, IRAN, Washington, Qatar, Ukraine

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