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Islamabad was racing against time to unlock $1.1 billion under the IMF's ninth review of a $6.5-billion Extended Fund Facility agreed upon in 2019. The Pakistan government was expecting around $2.5 billion from the IMF, Reuters has reported. PROCESSESPakistan earlier cleared eight of the 11 listed programme reviews, with the ninth review pending since November last year. HOLE IN FINANCESThe government has earmarked $2.5 billion in external receipts from the IMF in its federal budget for FY24. Pakistan needs upwards of $22 billion to service external debt, make interest payments, and finance its current account for FY24.

Persons: Shehbaz Sharif, Ariba Shahid, Raju Gopalakrishnan Organizations: Monetary Fund, IMF, IMF’s, Reuters, Pakistan, CCC, United, Thomson Locations: KARACHI, Pakistan, Islamabad, PAKISTAN, Caa3, Fitch, Saudi Arabia, United Arab Emirates, China, Karachi

☆ Argentina makes IMF payment as deal talks grind on
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

June 30 (Reuters) - The International Monetary Fund said on Friday that Argentina is current in its payment obligations, and the government said it made a $2.7 billion payment to the fund using its existing stock of the IMF's reserve assets, and Chinese currency. The operation, which depleted Argentina's $1.6 billion in SDRs, underscores how desperate the country's dollar position has become. The IMF did not respond to requests for comment on the payment method. Both parties are locked in talks to speed up disbursements from their $44 billion program and ease economic targets, as a major drought continues to hammer vital grains exports. Argentina's economy ministry said a team will travel to Washington early next week to continue negotiations.

Persons: Brendan O'Boyle, Rodrigo Campos, Chizu Organizations: Monetary Fund, IMF, Reuters, Argentine, Thomson Locations: Argentina, Washington, Carolina

It is not the end of our relationship with the IMF though, as the SBA is a short-term bridging operation. GARETH LEATHER, SENIOR ASIA ECONOMIST AT CAPITAL ECONOMICS, LONDON"The agreement of a loan deal between Pakistan and the IMF should put the economy back on a more secure footing and limit the biggest downside risks. There is a strong risk that Pakistan reneges on the deal once the immediate crisis has passed. Our target shall be that the next IMF programme should be the last one and it would be a great opportunity to correct our fiscal account once and for all." "Things would have been much better if successive governments would have invested in completing the IMF programme.

Persons: MURTAZA SYED, GARETH, Shehbaz Sharif, ABDUL ALEEM, SHERANI, SHAHBAZ ASHRAF, MAHA RAHMAN, ZAFAR MASUD, MUSTAFA PASHA, SHAHID HABIB, ARIF HABIB, ZULQARNAIN, MOHAMMED SOHAIL, AHFAZ MUSTAFA, ISMAIL IQBAL, SAJID AMIN JAVED, Ariba Shahid, Shilpa Jamkhandikar, Raju Gopalakrishnan Organizations: Monetary Fund, South, IMF, BANK OF PAKISTAN, SBA, State Bank, EFF, Capital, UL HAQ, OF PUNJAB, Pakistan, ARIF, Thomson Locations: Pakistan, ASIA, KARACHI, ISLAMABAD, LAHORE, PAKISTAN

☆ Pakistan hopes for bailout decision in day or two as IMF seeks deal 'quickly'
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +3 min

[1/2] Pakistan's Prime Minister Shehbaz Sharif attends a summit on climate resilience in Pakistan, months after deadly floods in the country, at the United Nations, in Geneva, Switzerland, January 9, 2023. "The IMF team continues discussions with Pakistani authorities with the aim of quickly reaching an agreement on financial support from the IMF," mission chief Nathan Porter said. Prime Minister Shehbaz Sharif said earlier in the day that he hoped consensus over the IMF programme's points "will lead to a decision in a day or two". The statement from the prime minister's office added that Sharif spoke to IMF Managing Director Kristalina Georgieva about the country's bailout funds, stalled since November. The IMF funds subject to approval by its board promise respite for Pakistan, which is battling its worst economic meltdown, with an acute balance of payments crisis and falling reserves of foreign exchange.

Persons: Shehbaz Sharif, Denis Balibouse, Ishaq Dar, Nathan Porter, Sharif, Kristalina Georgieva, Dar, Asif Shahzad, Ariba Shahid, Gibran Naiyyar Peshimam, Shivam Patel, Charlotte Greenfield, Krishna N, Das, William Maclean, Mark Potter Organizations: Pakistan's, United Nations, REUTERS, Pakistan, International Monetary Fund, IMF, Thomson Locations: Pakistan, Geneva, Switzerland, ISLAMABAD, Islamabad, Paris

☆ Markets are pricing in rate cuts too soon, IMF's Gopinath says
▼ + stars: | 2023-06-27 | by ( Silvia Amaro | ) www.cnbc.com time to read: +1 min

Major central banks will have to keep interest rates high for much longer than some investors expect, Gita Gopinath, first deputy managing director of the International Monetary Fund, told CNBC Tuesday. "Now this is unlike, for instance, what several markets expect, which is that things are going to come down very quickly in terms of rates. The ECB began raising rates in July 2022 and has increased its main rate from -0.5% to 3.5% since then. Nonetheless, Fed Chairman Jerome Powell has suggested there could be at least two more rate hikes this year. In a note to clients on Friday, Nomura said it expects both the ECB and the Bank of England to announce rate cuts in about a year's time.

Persons: Gita Gopinath, Gopinath, CNBC's Annette Weisbach, Jerome Powell, Nomura Organizations: International Monetary Fund, CNBC, European Central Bank, ECB, U.S . Federal Reserve, Fed, Bank of England Locations: Sintra , Portugal, Europe

☆ IMF's Gopinath: Uncertainty means ECB interest rates should stay higher for longer
▼ + stars: | 2023-06-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIMF's Gopinath: Uncertainty means ECB interest rates should stay higher for longerGita Gopinath, first deputy managing director of the International Monetary Fund, discusses the IMF's outlook for further ECB rate hikes, and the external risk factors putting pressure on central banks.

Persons: Gita Gopinath Organizations: International Monetary Fund

☆ Pakistan central bank raises main interest rate by 100 bps to 22%
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +2 min

Karachi, PAKISTAN, June 26 (Reuters) - Pakistan's central bank raised its benchmark interest rate by 100 basis points to 22% at an emergency meeting on Monday, a day after the country revised its budget for the fiscal year from July 1 in a bid to rescue an IMF programme that expires in days. The central bank has now raised its main rate by 12.25 percentage points since April 2022, mainly to curb soaring inflation. "The MPC views this action as necessary to keep real interest rate firmly in positive territory on a forward-looking basis," the central bank said in a statement. On June 12 the central bank had left its key rate unchanged. The KSE100 index on the Pakistan Stock Exchange closed up 3.42% on expectations of a deal begin reached with the IMF.

Persons: Fahad Rauf, Ismail Iqbal, Shivam Patel, Sanjeev Miglani, Hugh Lawson Organizations: IMF, Analysts, International Monetary Fund, MPC, Ismail, Ismail Iqbal Securities, Pakistan Stock Exchange, Thomson Locations: Karachi, PAKISTAN, New Delhi, Shahid

"Pakistan and IMF had detailed negotiations for the last three days as a last effort to complete the pending review," he told parliament. That will revise Pakistan's revenue collection target to 9.415 trillion rupees ($33 billion) and put total spending at 14.480 trillion rupees ($51 billion), Dar said. "These changes will make our fiscal deficit much better," he said. Money allocated for cash handouts to the poor was also revised from 450 billion rupees to 466 billion rupees for fiscal 2024, Dar said. "I hope, God willing, that we will have an agreement with the IMF," Dar said.

Persons: Ishaq Dar, Dar, Shehbaz Sharif, Kristalina Georgieva, Asif Shahzad, William Mallard Organizations: International Monetary Fund, IMF, Global Financing, Thomson Locations: ISLAMABAD, Pakistan, Paris

[1/2] Pakistan Prime Minister Shehbaz Sharif meets with managing director of the International Monetary Fund (IMF), Kristalina Georgieva, in Paris, France June 22, 2023. Press Information Department (PID)/Handout via REUTERSJune 22 (Reuters) - Pakistan's Prime Minister Shehbaz Sharif on Thursday briefed International Monetary Fund's managing director Kristalina Georgieva on the economic outlook of the cash-strapped South Asian nation, hoping for the release of critical stalled funds. Under the $6.5 billion EFF's 9th review, concluded earlier this year, Pakistan has been trying to secure $1.1 billion of funding that has been stalled since November. "The Prime Minister expressed the hope that the funds allocated under the IMF's EFF would be released as soon as possible," said a statement from his office. Pakistan has defended the budget, but at the same time offered to review it in any further talks with the IMF.

Persons: Shehbaz Sharif, Kristalina Georgieva, Sharif, Asif Shahzad, Shilpa Jamkhandikar, Sudipto Ganguly, Christina Fincher Organizations: Pakistan, International Monetary Fund, Press Information Department, REUTERS, Pakistan's, Monetary, Global Financing, EFF, Thomson Locations: Paris, France, Pakistan, Islamabad

☆ Russia's economy will shrink again this year as Putin's war on Ukraine worsens inflation and labor shortages, ratings agency says
▼ + stars: | 2023-06-20 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Scope Ratings sees a 0.8% contraction in Russia's economy this year, Reuters reported. This is as the country's average inflation sits at 6%, made worse by a serious labor shortage. That's as the Kremlin has turned to a total war economy: it has spent around 5% of Russia's GDP on the Ukraine war, while pushing for increased military production. Meanwhile, the agency also warned that Russia's war will prevent it from addressing pre-existing problems with the economy, such as weak investing, low productivity growth, and a declining population. Meanwhile, the Russian government is projecting 1.2% growth, an estimate recently outpaced by President Vladimir Putin's own forecasts of 2%, Reuters reports.

Persons: —, Vladimir Putin's Organizations: Reuters, Service, Kremlin, International Monetary Locations: Ukraine, Russian

☆ Lebanon’s top Christian cleric slams failed attempt to elect a president
▼ + stars: | 2023-06-18 | by ( ) www.reuters.com time to read: +2 min

BEIRUT, June 18 (Reuters) - Lebanon’s top Christian cleric said on Sunday the constitution and democratic system had been violated in "cold blood" during a failed attempt to elect a new president last week, and warned that divisions in the nation had widened. Patriarch Bechara Boutros al-Rai spoke in his first sermon since the Iran-backed Shi'ite group Hezbollah and its closest allies thwarted an attempt by factions including the main Christian parties to elect an IMF official as president. Wednesday's events marked the 12th time parliament failed to elect someone to the post - reserved for a Maronite Christian in Lebanon's sectarian system and vacant since the term of the Hezbollah-allied Michel Aoun ended in October. The Hezbollah-allied Parliament Speaker Nabih Berri ended the session when Hezbollah and its allies withdrew, denying a quorum for a second round when 65 votes are needed to win. Without naming him, Lebanon's Shi'ite mufti accused him of being backed by Israel.

Persons: Bechara Boutros, Rai, Michel Aoun, Jihad Azour, Amal, Azour, Suleiman Frangieh, Nabih Berri, Elias Audi, Berri, Maya Gebeily, Tom Perry, Hugh Lawson, Frances Kerry Organizations: Hezbollah, Maronite, Israel, Thomson Locations: BEIRUT, Iran, Israel, Lebanon

June 15 (Reuters) - The International Monetary Fund (IMF) on Thursday expressed dissatisfaction with Pakistan’s recently presented budget, a blow for the cash-strapped country which has only two weeks left until its bailout programme expires. However, the draft FY24 Budget misses an opportunity to broaden the tax base in a more progressive way," Esther Perez Ruiz, the IMF's resident representative for Pakistan, said in a text message to Reuters. "The new tax amnesty runs against program’s conditionality and governance agenda and creates a damaging precedent," added Perez Ruiz. She said that measures to address the energy sector’s liquidity pressures could be included alongside the broader budget strategy. Added Perez Ruiz: "The IMF team stands ready to work with the government in refining this Budget ahead of its passage," implying the country still has a chance to unlock its ninth IMF board review prior to the end of the EFF programme.

Persons: Pakistan’s, Esther Perez Ruiz, program’s, Perez Ruiz, Bharat Govind Gautam, Jonathan Oatis, Matthew Lewis Organizations: Monetary Fund, IMF, Fund, FX, Staff, Reuters, EFF, Thomson Locations: Pakistan, Bengaluru, Shahid, Karachi

Neither Azour nor Hezbollah-backed candidate Suleiman Frangieh came close to winning the 86 votes needed to win in a first round vote. Azour, the IMF's Middle East Director and an ex-finance minister, won the support of 59 of 128 lawmakers. Hezbollah and its allies then withdrew from the session, denying the two-thirds quorum required for a second vote in which 65 votes are enough for victory. Azour thanked lawmakers who backed him, saying he hoped the will expressed by "the majority of deputies" would be respected. George Adwan, a Christian lawmaker with the anti-Hezbollah Lebanese Forces party, said the vote was "a major victory" because it showed Azour close to 65 votes.

Persons: Gebran Bassil, Azour, Suleiman Frangieh, Frangieh, Nabih Berri, Michel Aoun, Hussein al, Haj Hassan, Bashar al, Assad, George Adwan, Mohamed Azakir, Matthew Miller, Miller, Mohanad Hage Ali, Riad Salameh, Sheikh Ahmad Qabalan dialled, Issam Abdallah, Simon Lewis, Tom Perry, John Stonestreet, Mark Heinrich, William Maclean Organizations: BEIRUT, Hezbollah, IMF, Maronite, Hezbollah Lebanese Forces, REUTERS, U.S . State Department, Carnegie Middle East Center, West, Thomson Locations: Lebanon, Iran, Muslim, Saudi Arabia, Lebanese, Yemen, Beirut, Washington, U.S, United States, Israel, Damascus

☆ Podcast: Trump in court, Lebanon’s power vacuum and UAE sex trafficking
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: 1 min

Former President Donald Trump is headed to federal court in Miami, with thousands of supporters expected to protest. Why Lebanon’s powerful Hezbollah movement are set to reject a senior IMF official as president. Plus, how deception and inaction underpin the UAE’s thriving sex trafficking industry. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. Further ReadingTrump faces difficult odds in classified-documents caseAnalysis: Lebanon's Hezbollah mobilises to block IMF's Azour for presidencyHow torture, deception and inaction underpin UAE's thriving sex trafficking industryOur Standards: The Thomson Reuters Trust Principles.

Persons: Donald Trump, Azour Organizations: Apple, Google, Reuters, IMF, Thomson, Reading Trump Locations: Miami

☆ Watched by IMF, Pakistan to present budget amid economic, political crises
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +3 min

[1/4] A labourer waits for work while sitting beside push trollies outside a market in Karachi, Pakistan June 8, 2023. Against the backcloth of this political drama, Finance Minister Ishaq Dar is set to deliver his budget speech to parliament after 4:00 pm (1100 GMT) on Friday. Some budget figures were announced earlier this week, including development spending of 1,150 billion Pakistani rupees ($4 billion), and an economic growth target of 3.5% for the coming fiscal year. On Thursday, the International Monetary Fund said that it has been discussing the budget with Pakistan. Pakistan missed almost all of its economic targets set in the last budget, most notably its growth target, which was initially set at 5%, revised down to 2% earlier this year.

Persons: Akhtar Soomro, Shehbaz, Imran Khan, Ishaq Dar, Esther Perez Ruiz, Khan, Gibran Peshimam, Simon Cameron, Moore Organizations: REUTERS, IMF, Reuters, International Monetary Fund, Pakistan, Thomson Locations: Karachi, Pakistan, Akhtar Soomro ISLAMABAD

☆ Singapore economic czar Tharman Shanmugaratnam to run for president
▼ + stars: | 2023-06-08 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Singapore's veteran economic policymaker Tharman Shanmugaratnam has signaled his intention to contest upcoming presidential elections in Singapore that must be held by September this year. Singapore's veteran economic policymaker Tharman Shanmugaratnam is planning to run in the upcoming presidential elections in Singapore that must be held by mid-September. The prime minister is the head of government in Singapore. Among his past global appointments, Shanmugaratnam was the first Asian chair of the International Monetary and Financial Committee, the IMF's key policy forum. He was also Singapore's deputy prime minister from 2011 to 2019, and previously served as finance minister and education minister.

Persons: Shanmugaratnam, Lee Hsien Loong, policymaker Organizations: International Monetary Fund, Party, Singapore Prime, Monetary Authority of, Global Commission, United Nations, International Monetary, Financial Locations: Singapore, Monetary Authority of Singapore

☆ These economies benefited from Russia's isolation — but they now risk Western retaliation
▼ + stars: | 2023-06-07 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +9 min

Changing trade patterns in the region are an opportunity, but also a risk. Georgian public support for EU membership has resurged over recent months, with four-fifths (81%) of the population currently in favor joining the bloc, according to a recent poll from U.S.-founded non-profit the National Democratic Institute. Armenia, meanwhile, has never submitted an application for either membership, and other Central Asian countries would not be eligible to join the EU. The geopolitical context with which we [Georgia] are now thought of is with other Central Asia countries. But they don't have EU membership as a target — we do," Kukava said.

Persons: Armenia's, haven't, Mikheil Kukava, Subir Lall, —, Kukava, they're, Ursula von der Leyen, Armen Nurbekyan, Nurbekyan Organizations: Anadolu Agency, Getty, International Monetary Fund, Institute for Development of, CNBC, Russia Western, European Bank for Reconstruction, Development, European Union, Georgia's National Statistics Office, European Commission, of Seven, Central Bank of, EU, NATO, of Information, U.S, National Democratic Institute, Central Locations: Tbilisi, Russian, Moscow, Georgia, Armenia, Ukraine, Russia, Soviet, Russia's, Caucasus, Central Asia, Kazakhstan, Turkey, United Kingdom, United States, Kyrgyzstan, Tajikistan, Azerbaijan, East, Central Bank of Armenia, Armenia's, U.S, of Information Georgia

☆ IMF's Gopinath warns AI risks 'substantial disruptions' in jobs markets- FT
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

June 5 (Reuters) - IMF First Deputy Managing Director Gita Gopinath has warned of "substantial disruptions in labour markets" stemming from generative artificial intelligence and called on policymakers to quickly craft rules to govern the technology, the Financial Times reported on Monday. "We need governments, we need institutions and we need policymakers to move quickly on all fronts, in terms of regulation, but also in terms of preparing for probably substantial disruptions in labour markets," Gopinath said in an interview to FT.She also advocated for governments to bolster "social safety nets" for workers affected by the adoption of AI, while working on tax policies that do not reward companies replacing employees with machines. Gopinath cautioned policymakers to be careful in case some corporations emerge with an unassailable position in the new technology. "You don't want to have supersized companies with huge amounts of data and computing power that have an unfair advantage," Gopinath told the newspaper. Reporting by Kanjyik Ghosh in BengaluruOur Standards: The Thomson Reuters Trust Principles.

Persons: Gita Gopinath, Gopinath, Kanjyik Ghosh Organizations: Financial Times, Thomson Locations: Bengaluru

The deal to suspend the $31.4 trillion debt ceiling until January 2025 holds non-defense discretionary spending largely flat this year, with a 1% increase in fiscal 2024. SOCIAL SECURITY, MEDICARE OFF LIMITSIn their debt limit negotiations, both President Joe Biden and House of Representatives Speaker Kevin McCarthy vowed not to touch the main driver of U.S. debt: rising Social Security pension and Medicare health benefit costs. Debt-ceiling negotiations spared cuts to mandatory spending like Medicare, Medicaid and Social Security even though these programs cost more than discretionary spending. CBO projects the government will spend $6 trillion on mandatory spending programs in the 2033 fiscal year, up from $4.1 trillion this year. But the plan failed when then-president Barack Obama declined to endorse it, setting up Congress for the debt ceiling battle of 2011.

Persons: Joe Biden, Kevin McCarthy, Julia Nikhinson, Dennis Ippolito, you've, Nigel Chalk, Biden, Brian Riedl, Linda Bilmes, Bowles, Barack Obama, Bilmes, David Lawder, Andy Sullivan, Heather Timmons, Nick Zieminski Organizations: White, REUTERS, WASHINGTON, Republicans, Defense, Southern Methodist University, Congressional Budget Office, Security, Social Security, CBO, International Monetary Fund, Reuters, Democratic, Western Hemisphere Department, IMF, Manhattan Institute, Harvard Kennedy School, Commerce Department, Simpson, Thomson Locations: United States, Washington , U.S, U.S, Washington

☆ IMF chief says there's no significant slowdown in lending and the Fed may need to do more
▼ + stars: | 2023-06-05 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

The International Monetary Fund has yet to see enough banks pulling back on lending that would cause the U.S. Federal Reserve to change course with its rate-hiking cycle. "We don't yet see a significant slowdown in lending. The Federal Reserve in a May banks report warned that lenders are worried about conditions ahead, as trouble in mid-sized financial institutions in the U.S. caused banks to tighten lending standards for households and businesses. A majority of major global central banks, including the U.S. Federal Reserve, have tightened their monetary policy aggressively to tame soaring inflation. Meanwhile, the world's global debt has swelled to a near-record high of $305 trillion, according to the Institute of International Finance.

Persons: Georgieva, Kristalina Georgieva, Karen Tso, Pierre, Olivier Gourinchas, IIF Organizations: Monetary Fund, U.S . Federal Reserve, Federal Reserve, CNBC, Institute of International Finance Locations: Dubrovnik, Croatia, U.S

☆ Lebanese Christian and opposition coalition nominate IMF's Azour for president
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +2 min

BEIRUT, June 4 (Reuters) - Lebanon's disparate opposition, independent and main Christian parties said on Sunday they had nominated IMF official Jihad Azour for the presidency in a challenge to Hezbollah-backed candidate Suleiman Franjieh. A meeting of the parties endorsed the nomination of Azour, currently director of the Middle East and Central Asia Department at the International Monetary Fund and also a former Lebanese finance minister. Pro-Iranian Hezbollah, the country's main armed political force, and its Shi'ite ally Amal, had backed Franjieh, 56, heir of an old Lebanese Christian political dynasty and an ally of Syrian President Bashar al-Assad with strong ties to the ruling political establishment in Damascus. "This new candidate that was announced is for us a candidate for confrontation," Hezbollah deputy Hassan Fadlallah said on Sunday, without naming Azour. Washington has warned that the administration was considering sanctions on Lebanese officials for their continued obstruction of the election of a new president and warned the paralysis could only worsen the country's crisis.

Persons: Azour, Suleiman Franjieh, Michel Aoun's, Amal, Bashar al, Assad, Michel Mouawad, Lebanon's, Beshara al, Rai, “, Hassan Fadlallah, Suleiman Al, Khalidi, Maya Geibeily, David Holmes Organizations: Central Asia Department, International Monetary Fund, Hezbollah, Lebanese Christian, Maronite, Thomson Locations: BEIRUT, East, Lebanese, Lebanon, Damascus, Azour, Syria, Iran, Arab, Washington

[1/2] Pakistan's Finance Minister Ishaq Dar gestures during a news conference to announce the economic survey of fiscal year 2016-2017, in Islamabad, Pakistan, May 25, 2017. REUTERS/Faisal MahmoodISLAMABAD, May 28 (Reuters) - Pakistan will share its upcoming budget details with the International Monetary Fund (IMF) in order to unlock stalled funds, Finance Minister Ishaq Dar said on Sunday. The IMF funding is crucial for the $350 billion South Asian country, which faces an acute balance of payments crisis. The IMF's $1.1 billion funding to Pakistan, which is part of the $6.5 billion Extended Fund Facility agreed in 2019, has been held up since November. Islamabad hosted the IMF mission in February to negotiate a series of fiscal policy measures to clear the 9th review.

☆ U.S. consumer demand boosted by strong labor market, says IMF's Kristalina Georgieva
▼ + stars: | 2023-05-26 | 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 EmailU.S. consumer demand boosted by strong labor market, says IMF's Kristalina GeorgievaCNBC's Sara Eisen and Kristalina Georgieva, managing director at the IMF, join 'The Exchange' to discuss the global economic outlook, the implications A.I. will have on the U.S. economy and labor force, and the IMF's conclusion that the U.S. will avoid recession.

Persons: IMF's, Georgieva, Sara Eisen, Kristalina Georgieva Organizations: IMF Locations: U.S

JOHANNESBURG, May 18 (Reuters) - Ghana is targeting $10.5 billion of external debt service relief from 2023-2026, the IMF said, giving an early indication of how large a hit investors might face in an impending debt overhaul. "Our back-of-the-envelope calculations suggest that this translates to a 40%-50% haircut on external debt, if there is not further restructuring of domestic debt," Bojosi Morule, an economist at Goldman Sachs, said in emailed reaction to the DSA. Ghana's already strained finances buckled under the fallout of COVID-19 and Russia's invasion of Ukraine and it is now seeking to restructure $20 billion of its roughly $30 billion external debt, including about $13 billion of Eurobonds, under the Group of 20's Common Framework platform. Earlier this year it completed a domestic debt exchange. Other risks include Ghana not regaining market access to issue debt and the domestic debt exchange posing dangers to financial sector stability, the IMF said.

☆ IMF's Gopinath sees 'sizeable' upside inflation risks, says markets too optimistic
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +3 min

2 official said on Wednesday she sees sizeable risks that inflation will remain high or accelerate in many emerging markets and urged central banks to keep monetary policies tight. IMF First Deputy Managing Director Gita Gopinath told a conference hosted by the Central Bank of Brazil that markets were probably "too optimistic" about what it would take to bring down inflation in emerging markets. "Despite encouraging signs, I am worried that price pressures seem entrenched in many economies and that upside inflation risks are sizeable," she said in remarks prepared for the event. That was a lesson learned from the high inflation period of the 1970s and it "very much applies today," Gopinath said. But these countries still faced "considerable downside risks" from monetary policy tightening in advanced economies, and conditions may get "significantly worse," she said.

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