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[1/3] U.S. Treasury Secretary Janet Yellen addresses the media, ahead of the G20 Summit in New Delhi, India, September 8, 2023. She will seek to build G20 support for an "equi-proportional" increase in IMF quota funds paid-in by member countries, which would increase IMF lending resources, but not immediately change its shareholding structure. At the briefing, Yellen said there was significant progress made on international debt relief efforts. "Those are crucial additional resources for reducing poverty, advancing global health security and combating climate change," Yellen said. "Even without Russia's active participation and the tensions the war has created, I still see that G20 is highly effective," Yellen said.

Persons: Janet Yellen, Francis Mascarenhas, Yellen, David Lawder, Swati Bhat, Leslie Adler, Kim Coghill Organizations: . Treasury, REUTERS, International Monetary Fund, World Bank, U.S, Congress, U.S . Treasury, Ukraine, Thomson Locations: New Delhi, India, DELHI, United States, Ukraine, U.S, Washington

☆ IMF, World Bank to step up cooperation on climate, debt, digital transition
▼ + stars: | 2023-09-07 | by ( David Lawder | ) www.reuters.com time to read: +4 min

REUTERS/Amit Dave/File photo Acquire Licensing RightsCompanies International Monetary Fund FollowWASHINGTON, Sept 7 (Reuters) - The International Monetary Fund and World Bank on Thursday issued a rare joint statement pledging to step up their cooperation to address climate change, debt vulnerabilities and countries' digital transitions. The IMF and World Bank were established in 1944 at a meeting in Bretton Woods, New Hampshire. DEBT VULNERABILITIESThe two institutions also said they will incorporate climate considerations into their work on debt sustainability for low-income countries. The IMF and World Bank have worked closely on debt sustainability issues, both pushing for improved restructuring frameworks. On the digital transition, the two institutions said they would collaborate to help countries to connect their citizens to online services and reduce barriers to digital inclusion.

Persons: Ajay Banga, Amit Dave, Kristalina Georgieva, Joe Biden, Banga, David Lawder, Paul Simao Organizations: Ministers, Central Bank governors, REUTERS, International Monetary, Monetary Fund, World Bank, Woods, IMF, Bank, Advisory Group, Sustainability Trust, Thomson Locations: Gandhinagar, India, Bretton Woods , New Hampshire, Banga, U.S

☆ US Treasury official pushes IMF quota increase to bolster lending resources
▼ + stars: | 2023-09-07 | by ( David Lawder | ) www.reuters.com time to read: +4 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. "We are making a commitment to reinvest in the IMF," Shambaugh said at a Center for Global Development event. A quota increase would require member countries, particularly its larger, wealthier shareholders, to contribute more funds at a time of slowing growth and tighter fiscal budgets following years of pandemic spending. The comment was partly a swipe at China's rampant lending to developing countries and reluctance to engage on debt restructurings. The IMF is aiming to complete a review of its quota resources -- which form the biggest part of its $1 trillion in total lending firepower -- by Dec. 15, and is seeking "considerable progress" by IMF annual meetings in Morocco in October.

Persons: Yuri Gripas, Jay Shambaugh, Shambaugh, Joe Biden, Janet Yellen, David Lawder, Andrea Ricci, Diane Craft Organizations: Monetary Fund, REUTERS, Rights, U.S, Treasury, Growth Trust, IMF, Global, World Bank, Thomson Locations: Washington , U.S, India, China, U.S, Brazil, Morocco

A view shows the construction of the King Abdullah Financial District, north of Riyadh, Saudi Arabia April 11, 2016. REUTERS/Faisal Al Nasser/File Photo Acquire Licensing RightsDUBAI, Sept 6 (Reuters) - The International Monetary Fund (IMF) expects GDP growth in Saudi Arabia to slow further from the currently forecast 1.9% to reflect the latest extension of oil production cuts, an IMF official said, even as non-oil growth is seen remaining strong. But cuts to production this year and lower prices have hit oil revenues and will weigh on growth. The IMF forecasts non-oil GDP growth at 4.9% this year. The IMF said the outlook for Saudi Arabia was positive and that risks remained balanced.

Persons: King, Faisal Al Nasser, Mati, Prince Mohammed bin Salman, Rachna Uppal, Yousef Saba, Andrew Cawthorne, Andrea Ricci, Nick Macfie Organizations: King Abdullah Financial District, REUTERS, Rights, Monetary Fund, Reuters, Saudi, IMF, Government, Thomson Locations: Riyadh, Saudi Arabia, Rights DUBAI, Saudi, Aramco, Russia

☆ Emirati company buys 30% stake in Egypt tobacco firm Eastern Co.
▼ + stars: | 2023-09-03 | by ( ) www.reuters.com time to read: +2 min

The sale will reduce Chemical Industries' stake to 20.95%, giving impetus to Egypt's floundering privatisation programme. Global Investment will provide $150 million to buy the tobacco necessary for production as part of the agreement. The deal "is an affirmation of the government's determination to ... encourage direct private investment in various sectors," the cabinet statement said. Egypt's government sold 4.5% of Eastern Co. on the stock exchange in 2019, leaving the holding company with a majority stake. Egypt desperately needs foreign currency after the COVID pandemic and Ukraine crisis exposed vulnerabilities in its economy.

Persons: Mostafa Madbouly, Momen Saeed Atallah, Adam Makary, Hatem Maher, Patrick Werr, Ros Russell Organizations: Global Investment Holding, Eastern Co, Holding Company, Chemical Industries, Global Investment, International Monetary, Thomson Locations: CAIRO, Eastern, Egypt, Ukraine

☆ Exclusive: Argentina to use IMF money to pay back part of a currency swap with China -sources
▼ + stars: | 2023-08-23 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +3 min

[1/2] The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. The cash-strapped economy has used money from the Chinese swap line to pay for imports as well as repay IMF debt. The swap line that the PBOC signed in 2009 with Buenos Aires was the first agreed with a Latin American country. Neither China nor Argentina have released much detail of the swap arrangement or any borrowing under it, so little is known about the currency line signed more than a decade ago. "The funds that will be disbursed today go in part to Qatar, to CAF and will lower the level of how much has been used from the swap line.

Persons: Yuri Gripas, PBOC, Jorgelina, Jorge Otaola, Karin Strohecker, Sandra Maler Organizations: Monetary Fund, REUTERS, International Monetary Fund, People's Bank of China, Fund, Buenos Aires, Development Bank of Latin, CAF, Qatar, Thomson Locations: Washington , U.S, Argentina, China, Buenos Aires, Buenos, American, Development Bank of Latin America, Qatar, SDRs, U.S, Rosario

☆ Brazil's Lula in favor of Argentina joining BRICS bloc
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +3 min

SAO PAULO, Aug 22 (Reuters) - Brazilian President Luiz Inacio Lula da Silva said on Tuesday he wanted Argentina to join the BRICS group of emerging countries, as Brazil's neighbor struggles with a lack of foreign reserves. "It is very important for Argentina to be in BRICS," Lula said in a live broadcast on social media as he attends the bloc's summit in South Africa. Argentina, whose largest trade partner is Brazil, has previously said it intended to join the BRICS bloc. Lula also said he was in favor of other countries joining the alliance, mentioning Indonesia as a potential new member. "We do not want to be a counterpoint to the G7, G20 or the United States," Lula said.

Persons: Luiz Inacio Lula da Silva, Lula, Javier Milei, Ian Bremmer, Gabriel Araujo, Kylie Madry, Mark Potter Organizations: SAO PAULO, International Monetary Fund, South, U.S ., Thomson Locations: Argentina, BRICS, South Africa, Brazil, Russia, India, China, Indonesia, Babel, Eurasia, Saudi Arabia, United States

☆ Argentina's Milei pitched dollarization 'models' in IMF meet - sources
▼ + stars: | 2023-08-18 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +3 min

LONDON, Aug 18 (Reuters) - Argentina's surprise presidential front-runner, radical libertarian Javier Milei, pitched models of dollarizing the South American country's economy in a meeting with major lender the International Monetary Fund on Friday, two sources said. Milei, 52, outlined his economic proposals and told IMF representatives that his teams is working on "different models of dollarization," said two sources close to the candidate with direct knowledge of the meeting who asked not to be named. In the 80-minute meeting, he also told IMF officials that he does not intend to default to the fund or to bondholders, one of the sources added. The IMF was keen to learn further details on Milei's dollarization plans, one source said. IMF officials included the director of the Fund's Western Hemisphere Department Rodrigo Valdes and deputy director Luis Cubeddu.

Persons: Javier Milei, Milei, Carlos Rodriguez, Roque Fernandez, Dario Epstein, Western Hemisphere Department Rodrigo Valdes, Luis Cubeddu, Milei's, Jorgelina, Juan Bustamante, Hugh Lawson, Adam Jourdan, Alistair Bell Organizations: International Monetary Fund, Peronist, U.S ., IMF, Western Hemisphere Department, Thomson Locations: Argentina, Rosario

☆ Argentina agrees $775 million loan with Qatar to make IMF repayment
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File PhotoAug 4 (Reuters) - Argentina's government on Friday agreed with Qatar a $775 million loan to use to make an International Monetary Fund (IMF) repayment due this Friday. Argentina is grappling with a severe economic crisis with sky-high inflation and falling central bank reserves and is facing IMF repayments. The country's Economy Minister Sergio Massa said on Monday Argentina would not use "a single dollar of its own reserves" to make the IMF repayment. The Qatar loan will have the IMF's variable interest rate applicable to SDRs (IMF currency), which is currently 4.033% per annum, a presidential decree said.

Persons: Yuri Gripas, Sergio Massa, Massa, Nicolas Misculin, Natalia Siniawski, Jason Neely, Jane Merriman Organizations: Monetary Fund, REUTERS, Qatar, Argentina, IMF, CAF, Thomson Locations: Washington , U.S, Argentina, Qatar, China

"China is not trying to supplant the IMF," said Matthew Mingey, a senior analyst with Rhodium Group. "When China has allowed these swap lines to be tapped, in many cases it's to unlock an IMF bailout or ensure an IMF programme stays on track." In turn, China is a major customer for Argentina's soy, corn and poultry exports. "China has every incentive to tightly manage Argentine drawings under the swap lines as the risks are very high." The swap line that the People's Bank of China (PBOC) signed in 2009 with Buenos Aires was the first agreed with a Latin American country.

Persons: Matthew Mingey, Buenos, Mark Sobel, Sobel, Sergio Massa, Martin Castellano, Alejandro Werner, Werner, Mingey, Jorgelina, Rosario, Karin Strohecker, Jorge Otaola, Joe Cash, Kirsten Donovan Organizations: International Monetary Fund, IMF, U.S . Treasury, Reuters, World Bank, TAG, People's Bank of China, Buenos Aires, Economy, Institute of International Finance, Relations, Georgetown Americas Institute, Western Hemisphere Department, Thomson Locations: China, Argentina, Beijing, Washington, Latin America, Buenos Aires, U.S, Buenos, American, United States, Zambia, Sri Lanka, Taiwan, Ukraine

Companies International Monetary Fund FollowISLAMABAD, Aug 1 (Reuters) - Pakistan announced an increase in petrol and diesel prices on Tuesday to better reflect rising international prices and to raise revenue to meet the objectives of an International Monetary Fund (IMF) bailout. In a recorded video statement, Finance Minister Ishaq Dar said gasoline, or petrol, prices would be raised by 19.95 Pakistani rupees to 272.95 Pakistani rupees ($0.952) per litre and diesel by 19.90 rupees to 273.40 rupees per litre, an increase of 7.8% for both fuels. Fuel prices have increased sharply in global markets in the last 15 days, Dar said, adding his government had tried to minimise the hike. The IMF has also called on Pakistan to maintain a tight monetary policy. The central bank on Monday, however, kept the policy rate steady at 22%, with its governor saying the lender's requirement of tight policy didn't necessarily mean raising the rate.

Persons: Ishaq Dar, Dar, Asif Shahzad, Kim Coghill, Jamie Freed, Christian Organizations: International Monetary, International Monetary Fund, Brent, IMF, Thomson Locations: Pakistan, Islamabad

WASHINGTON/LONDON, July 28 (Reuters) - The International Monetary Fund said on Friday that it has reached a staff-level agreement with Argentina to unlock about $7.5 billion and complete the fifth and sixth reviews of the struggling country's $44 billion loan program. Reuters first reported that the agreement would combine the fifth and sixth reviews of Argentina's IMF program -- a move that provides additional loan funds sooner. The IMF said its board would meet to consider the agreement in the second half of August. The Fund said that the program will need waivers because these measures are "against the introduction of multiple currency practices." Argentina is set to have another three reviews on its 2022 IMF programme by September 2024, though the IMF statement didn't specify what would happen with those.

Persons: Sergio Massa, David Lawder, Hugh Lawson, Alistair Bell Organizations: WASHINGTON, Monetary Fund, Reuters, IMF, Argentine, Thomson Locations: LONDON, Argentina, Buenos Aires, Beijing, Washington, Rosario, London

☆ Exclusive: Argentina, IMF staff-level agreement set to combine reviews on $44 billion loan, sources say
▼ + stars: | 2023-07-28 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +3 min

Combining the two reviews would give Argentina access to 5.5 billion of IMF's special-drawing rights (SDRs), equivalent to about $7.3 billion. An IMF spokesperson said: "Discussions between the teams continue to be very constructive" and "are aimed at reaching staff level agreement." Once a Staff Level Agreement is reached, this is presented to the IMF executive board and if it is signed off, this will trigger the release of cash. LONG AWAITED DEALBoth sides have recently said that a Staff Level Agreement was close. Facing a recession and triple-digit inflation, Argentina is scheduled to have four reviews between December and September 2024 on its IMF programme.

Persons: didn't, LONG, disbursements, Jorgelina, Karin Strohecker, Jane Merriman Organizations: International Monetary, IMF, Argentine, Thomson Locations: Argentina, Buenos Aires, Uganda, Nepal, Pakistan, Beijing, Rosario

THE REVIEWUnder the terms of the $44 billion program agreed in 2022, the funds are released in tranches based on regular reviews of steps Argentina takes to shore up its economy. The IMF did not respond to a request for comment on the likelihood of a board meeting soon to discuss the Argentina program. Argentina made the last IMF payment due end-June partially with its holdings of IMF special-drawing rights (SDRs), but analysts calculated that this has wiped out the country's $1.65 billion in IMF reserve assets. Argentina used $1.1 billion in yuan from a recently extended and expanded swap line with China to complete the June payment to the IMF. Reuters GraphicsFALLING INTO ARREARSMissing payments would automatically put Argentina in default with the IMF because there is no grace period with the multilateral lender.

Persons: Goldman Sachs, Sergio Massa, Gordian Kemen, Kemen, Gross, Jorgelina, Rosario, Rodrigo Campos, Karin Strohecker, Tomasz Janowski Organizations: International Monetary Fund, IMF, Standard Chartered Bank, Reuters, Thomson Locations: Argentina, Buenos Aires, Beijing, China

☆ IMF sees drought causing Argentina contraction of 2.5% in 2023
▼ + stars: | 2023-07-25 | by ( David Lawder | ) www.reuters.com time to read: +1 min

WASHINGTON, July 25 (Reuters) - The International Monetary Fund said on Tuesday it is now projecting Argentina's economy will contract 2.5% in 2023, with a year-end inflation rate of about 120%, largely due to a crippling drought that has curtailed agricultural production. "Argentina is facing a very difficult situation particularly that's made worse by the drought, the agricultural drought it has been facing in the last year or so," IMF chief economist Pierre-Olivier Gourinchas told a news conference. The Argentina forecast, a steep downgrade from an April projection of 0.2% growth in 2023, stands in stark contrast to a slightly improved outlook for global growth in the IMF's latest World Economic Outlook projections. Gourinchas declined to comment on how the forecasts may affect negotiations with Argentina over its $44 billion IMF loan program. IMF deputy research director Petya Koeva-Brooks said the inflation projection of 120% would require some moderation of inflation rates and would require implementing macroeconomic policies agreed between the IMF and Argentina.

Persons: Pierre, Olivier Gourinchas, Petya Koeva, Brooks, David Lawder, Chizu Organizations: Monetary Fund, IMF, The, Thomson Locations: Argentina

☆ China's economy is losing momentum, while Russia's recovery is accelerating, IMF says
▼ + stars: | 2023-07-25 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

China's economy is losing momentum, after an initial post-COVID bounce, the IMF said. That's due to continued weakness in the real estate sector and softness in foreign demand. Meanwhile, the IMF raised its forecast on Russia's 2023 GDP growth to 1.5% from a prior view of 0.7%. "Following a reopening boost, China's recovery is losing steam," the IMF said. By contrast, the IMF held more positive outlooks on Russia's economy, boosting its forecast for 2023 GDP growth to 1.5% from a prior view of 0.7%.

Organizations: Service, International Monetary, IMF Locations: Wall, Silicon, China, Ukraine, Moscow, Russia

☆ Global economy 'not out of the woods' yet despite growth forecast hike, says IMF chief economist
▼ + stars: | 2023-07-25 | 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 EmailGlobal economy 'not out of the woods' yet despite growth forecast hike, says IMF chief economistIMF Chief Economist Pierre-Olivier Gourinchas joins 'Squawk on the Street' to discuss what investors should take away from the IMF's latest forecast bump, whether now may not be a good time to end the Federal Reserve's rate campaign, and more.

Persons: Pierre, Olivier Gourinchas

ReutersBEIJING – International investment firms have changed their China GDP forecasts nearly every month so far this year, with JPMorgan making six adjustments since January. Here are some winners to watch The U.S. investment bank most recently cut its China GDP forecast in July to 5%, down from 5.5% previously. In June, the World Bank raised its forecast for China's growth this year to 5.6%, up from 4.3% previously. The International Monetary Fund in April raised its forecast for China's GDP to 5.2%, up from 4.4% previously. Among the six investment firms CNBC looked at, the highest China GDP forecast so far this year was JPMorgan's 6.4% figure — when the bank adjusted for the second time in April alone.

Persons: Morgan Stanley, Nomura, Goldman Sachs, Logan Wright, Shehzad Qazi, Qazi Organizations: Reuters, Reuters BEIJING – International, JPMorgan, CNBC, Citi, Beijing, Citi's, UBS, National Bureau, Statistics, U.S, Chinese Communist Party . Investment, Bank, International Monetary Fund, Monetary Fund Locations: Lianyungang, Jiangsu province, China, Reuters BEIJING, U.S, Beijing, New York

☆ Analysis: Pakistan and Argentina bonds' surge belies bigger reform hurdles
▼ + stars: | 2023-07-17 | by ( Libgeorge Jorgelina Do Rosario | Jorgelina Do Rosario | ) www.reuters.com time to read: +5 min

Reuters GraphicsBut the boost in the bonds belies the difficulties both nations face implementing major reforms once new leaders arrive after upcoming elections. Pakistan's 11th hour deal for $3 billion from the International Monetary Fund (IMF), after months of talks got official approval this week. Saudi Arabia and the UAE followed with $2 billion and $1 billion infusions. This fresh cash means Pakistan is unlikely to default on its debt in the next six to nine months, said de Sousa. Investors and pollsters said the tough times could force Pakistan and Argentina's leaders to reckon with needed fiscal reforms.

Persons: Carlos de Sousa, de Sousa, JPMorgan, Roberto H, Sifon Arevalo, refinance, Jimena Blanco, pollsters, Alejandro Catterberg, Sergio Massa, Horacio Rodriguez Larreta, Patricia Bullrich, Javier Milei, Shamaila Khan, Libby George, Jorgelina, Rodrigo Campos, Karin Strohecker, Toby Chopra Organizations: JPMorgan, Vontobel Asset Management, International Monetary Fund, UAE, Elections, Pakistan, P, Reuters, Peronist, Asia Pacific, UBS Asset Management, Thomson Locations: Pakistan, Argentina, Saudi Arabia, Washington, Beijing, Buenos Aires, Asia, Rosario

GANDHINAGAR, India, July 16 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Sunday she was "eager" to work with China on areas of mutual interest, including debt restructurings for poorer countries, and that multilateral development banks needed reforms before capital increases could be considered. "I am eager to build on the groundwork that we laid in Beijing to mobilise further action." U.S. corporations want to see an environment where they could "invest and thrive in China", Yellen said. She said a debt restructuring "user guide" was needed for borrowing countries and other stakeholders to provide clarity about the process. "We should build better banks, not just bigger banks," Yellen said.

Persons: Janet Yellen, Yellen, David Lawder, Aftab, Sudipto Ganguly, William Mallard Organizations: . Treasury, U.S ., Sri, International Monetary Fund, U.S . Treasury, IMF, World Bank, Bank, U.S, Thomson Locations: GANDHINAGAR, India, China, Beijing, U.S, Washington, Moscow, Ukraine, Russia, Gandhinagar, Indian, Gujarat, Sri Lanka, Ghana, United States, Congress, Aftab Ahmed

☆ Welcome to the Dollar War: a Global Fight Over America's Economic Dominance
▼ + stars: | 2023-07-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +17 min

The US even reminded everyone just how influential the buck is when it effectively froze Russia out of the global financial system with sanctions last year. Becoming the issuer of the global reserve currency is about trust. The US has controlled the global reserve currency for 102 years — giving it a special status in the world economy. Still, given that the country controlling the global reserve currency holds that status of an average of 94 years, history seems to indicate it's high time for a successor. Why shouldn't the financial world resemble something closer to the mosaic of cultures, politics, and nations that exists today?

Persons: Chenzi Xu, there's, Xu, —, Ron Temple, Gregory Brew, Eurasia's Brew, dollarizing, Stephen Jen, Jen, we've, Stanford's Xu, Luiz Inácio Lula da Silva, Josh Lipsky, " Lipsky, It's, Alexander Wise, Jan Loeys, Loeys, dollarization, Wise, Lazard's Temple, isn't, Phil Rosen Organizations: Stanford, Federal, European Central Bank, People's Bank of China, Lazard, Publishing, Getty Images, International Monetary Fund, Bank of International Settlements, Eurasia Group, Sandman's, Eurizon, IMF, Atlantic Council, JPMorgan Locations: Russia, Israel, France, China, America, Saudi Arabia, Brazil, India, Pakistan, Bolivia, Iraq, South Africa, Beijing

Former BoE policymaker Kate Barker told the Financial Times this weekend that targetted and temporary tax rises on top earners may be the most effective and fairest way to go. "We're asking monetary policy to do all the work," she said. But the political sensitivity of income tax likely dictates the way forward, however cogent the economics. Yet the more general point of fiscal policy helping with the final throes of the inflation battle continues to be made. "Fiscal Policy should remain aligned with monetary policy in the fight against inflation," the Fund concluded.

Persons: BoE policymaker Kate Barker, President Biden, Mike Dolan, Matthew Lewis Organizations: International Monetary Fund, Bank for International, U.S, Bank of, Financial Times, Fed, U.S . Bureau of Labor Statistics, Britain's, National Statistics, Reuters Graphics Reuters, Reuters, Republicans, Twitter, Thomson Locations: Britain, London

☆ Pakistan's Imran Khan expresses support for bailout deal in IMF meeting
▼ + stars: | 2023-07-07 | by ( Gibran Naiyyar Peshimam | ) www.reuters.com time to read: +4 min

Hammad Azhar, a former finance minister under Khan, who attended the meeting virtually, said in a post on Twitter that the former premier and his economic team had discussed last week's staff-level deal between the IMF and Pakistan's government. The new deal, which will be vital to help stabilise Pakistan's struggling $350 billion economy, will be taken up for approval by the IMF board on July 12. Khan's government deviated from agreements under an earlier IMF programme days before he was ousted in a parliamentary vote last year, leading to a delay in the implementation of the programme and increased economic uncertainty. The meeting is the highest profile engagement for Khan and his the PTI since he was ousted from power less than four years into his five-year term. Many of Khan's key aides remain under arrest and many others, like Azhar, are in hiding.

Persons: Khan, Imran Khan, Hammad Azhar, Azhar, Nathan Porter, Esther Perez Ruiz, Shehbaz Sharif, Gibran Peshimam, William Maclean, David Holmes Organizations: International Monetary Fund, IMF, Twitter, Mission, Khan's, PTI, Thomson Locations: KARACHI, Pakistan, Lahore

☆ Sri Lanka's central bank says more rate cuts are needed for economy to 'bounce back'
▼ + stars: | 2023-07-07 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

watch nowDebt-ridden Sri Lanka may need to cut interest rates again to further boost growth in its economy, according to the head of its central bank. Nandalal Weerasinghe, governor of the Central Bank of Sri Lanka, told CNBC Friday that there will be more rate cuts to come, even after the central bank lowered its policy rate for a second consecutive month from 12% to 11% on Thursday. Asked if additional rate cuts will be needed, the governor answered: "Of course." He pointed to falling inflation rates in the Sri Lankan economy. Sri Lanka's total debt has exceeded $83 billion, the Associated Press reported, including foreign debt of $41.5 billion and $42.1 billion of domestic debt.

Persons: Nandalal Weerasinghe, Weerasinghe, CNBC's, Ishara, Kodikara, Stocks Organizations: Central Bank of Sri, CNBC, Afp, Getty, Sri, International Monetary Fund, Colombo, Associated Press Locations: Sri Lanka, Central Bank of Sri Lanka, Sri, Colombo

☆ Analysis: Caught between riots and debt crises, African countries cut fuel subsidies
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +6 min

Senegal, like Nigeria and Angola, is removing costly fossil fuel subsidies – a move once considered politically unthinkable but which has become a necessity due to crushing debt, a spike in borrowing costs and high fuel prices. SHEER FISCAL NECESSITYNearly every country on earth has some fossil fuel subsidies, according to the Organisation for Economic Co-operation and Development (OECD). Now, high costs have effectively locked many out of international bond markets. According to the World Bank, almost half of the countries in sub-Saharan Africa are in or at high risk of debt distress. The World Bank estimates that subsidy removal, and scrapping foreign exchange controls, would save Nigeria some 21 trillion naira ($27.49 billion) from 2023 to 2025.

Persons: Abdoulaye Diallo, Diallo, Stanley Achonu, Goolam Ballim, Angola's, David Amaglobeli, Amaglobeli, Gregoire Garsous, Achonu, Karin Strohecker, Ngouda Dione, Hugh Lawson Organizations: ONE, LONDON, CFA, Global, International Energy Agency, Reuters Graphics, Organisation for Economic Co, Development, Standard Bank, World Bank, OECD, Bank, Christian, Thomson Locations: Africa, Nigeria, Senegal's, Dakar, Senegal, Angola, Ukraine, Russia, Johannesburg, China, Saharan Africa, Zambia, London, Brazzaville

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