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Tag Archives: International Monetary Fund

International Monetary Fund nears USD 1.7b loan payout to Ukraine

KIEV: The International Monetary Fund has said that its Ukraine mission had reached agreement with Kiev authorities on the steps needed to release USD 1.7 billion in much-needed bailout funds to the government. The mission has been reviewing the country’s reform achievements since the IMF awarded Ukraine a new four-year, USD 17.5 billion support program in March and released the ... Read More »

International Monetary Fund nears USD 1.7b loan payout to Ukraine

KIEV: The International Monetary Fund has said that its Ukraine mission had reached agreement with Kiev authorities on the steps needed to release USD 1.7 billion in much-needed bailout funds to the government. The mission has been reviewing the country’s reform achievements since the IMF awarded Ukraine a new four-year, USD 17.5 billion support program in March and released the ... Read More »

IMF gives Kenya Sh67.5 bln loan to tame shilling’s free fall

NAIROBI: The volatile shilling has got a major boost after Treasury said that it had secured Sh67.5 billion precautionary loan from the International Monetary Fund ( IMF) to cushion it against shocks. National Treasury Cabinet Secretary Henry Rotich said the Government had secured a precautionary Stand-by Arrangement and a Stand-by Credit arrangement with the IMF for Special drawing rights (SDR) ... Read More »

Saudi economy to expand this year, growth slows in 2016: IMF

RIYADH: International Monetary Fund (IMF) raised its outlook for Saudi Arabia’s economic growth this year but also predicted a much bigger state budget deficit after talks with Saudi officials. The Saudi economy will keep expanding strongly this year, showing little effect from the oil price drop, but growth will slow in 2016 as lower oil revenues hit state spending, the ... Read More »

IMF sees signs of stability in Ukraine

KIEV:  The head of an International Monetary Fund team visiting Ukraine gave a positive assessment of progress by Kiev on reform on Sunday and said there would be further discussion on loans that the near-bankrupt country badly needs. The IMF mission came to Ukraine to review progress with conditions for a $17.5 billion four-year bailout programme, and is expected to ... Read More »

ZimAsset won’t rescue economy: IMF

HARARE: The International Monetary Fund (IMF), which last week painted a gloomy outlook for the economy warning a further decline this year, has challenged  government to come up with “strong policies and reforms” for the country to achieve its growth potential, while pointing out the country’s five-year economic blue- print ZimAsset is not enough to rescue the situation.Owen Gagare In ... Read More »

Greece ready to pay €450m to IMF, says Deputy Finance Minister

ATHENS: The Deputy Finance Minister of Greece stated that Greece will pay loan trench of  €450 million to the International Monetary Fund (IMF) on time, seeking to quell fears of default after a flurry of contradictory statements on the issue in recent days. Interior minister to suggest this week that Athens would prioritize wages and pensions over the roughly 450 ... Read More »

Greece ready to pay €450m to IMF, says Deputy Finance Minister

ATHENS: The Deputy Finance Minister of Greece stated that Greece will pay loan trench of  €450 million to the International Monetary Fund (IMF) on time, seeking to quell fears of default after a flurry of contradictory statements on the issue in recent days. Interior minister to suggest this week that Athens would prioritize wages and pensions over the roughly 450 ... Read More »

Greece locked in talks with EU, IMF to unlock €7.2 billion

ATHENS: The International Monetary fund denied a report that IMF officials view Greece as unhelpful country. Greece is locked in talks with the IMF and European creditors on a deal on economic reforms that would unlock €7.2 billion in aid. Greece needs the funding as it faces several major debt repayments in early April. William Murray IMF spokesman said “There ... Read More »

Falling oil price gives more confidence to workers in Kenya: IMF

NAIROBI: Kenyan farmer Anne Lidonde will plant more spinach than usual this year thanks to the collapse in global oil prices. The middle-aged mother of two is one of the more obscure beneficiaries of a falling oil price which the International Monetary Fund (IMF) predicts will depress growth rates for sub-Saharan Africa to 4.9 per cent. This is almost 1 ... Read More »

IMF Director Christine Lagarde announces $17.5 billion loan for Ukraine

KIEV: International Monetary Fund (IMF) headquarters in Brussels, IMF Managing Director Christine Lagarde announced that the IMF will extend an approximately $17.5 billion bailout package to shore up Ukraine, which has been ruined by nearly a year of austerity measures and continuous fighting against pro-Russian separatists in the industrial eastern Donbass region. Lagarde told reporters that the distribution of the ... Read More »

Kenya gains nearly $700 million in IMF loan

NAIROBI: Kenya obtained nearly $700 million worth of precautionary loan support from the International Monetary Fund as the country undertakes important economic reforms. The IMF approved a $497.1 loan under its Stand-By Arrangement facility and another $191.2 million under its Stand-By Credit facility. Both are one-year loans that the IMF said Nairobi does not plan to draw on “unless external ... Read More »

Singapore stocks end higher, Straits Times Index jumps 0.8pc

SINGAPORE: Singapore stocks closed higher, with sponsors confident by official data that showed Asia’s largest economy extended at a strong clip in 4Q2014. The Chinese economy grew 7.3% y-o-y in the December quarter, bringing full-year expansion to 7.4%. “We still expect the People’s Bank of China to cut lending and deposit interest rates and reserve requirement ratios in the first ... Read More »

Militancy, low oil prices shrink Iraq’s economy by 0.5%: IMF

BAGHDAD: The oil depended Iraq’s economy has to shrink by 0.5% due to military operations against the Islamic State in Iraq and Syria(ISIS)said by International Monetary Fund. According to the sources, “Officials at the International Monetary Fund met with senior Iraqi officials in the Jordanian capital Amman, including the Minister of Finance and the Governor of the Central Bank to ... Read More »

DP World gets $2.6b contract of Dubai’s Jebel Ali port

ABU DHABI: DP World, being one of the largest port operators said that $2.6b acquisition would help flourish Jebel Ali port’s operations and Free Zone Complex along with increasing earnings by 15%. EZW’s primary business unit is a vast commercial and industrial logistics park adjacent to the port. The two firms are both majority owned by the government through its ... Read More »

LCCI asks politicians to support private sector for economic revolution

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged all the political parties to shun their differences and join hands with the private sector for preparation and implementation of a national agenda to bring about an industrial and economic revolution. In a statement LCCI President Ijaz A. Mumtaz, Senior Vice President Mian Nauman Kabir and Vice President Syed ... Read More »

$6.67b IMF package: Pakistan asked to raise gas tariff by 23%, end exemptions to collect Rs2810b

ISLAMABAD: The International Monetary Fund (IMF) has asked Pakistan to put limit on the circular debt and prepare Plan B in case of non-implementation on Gas Infrastructure Development Cess (GIDC) by raising gas tariff. In order to curtail the circular debt, the government will have to either raise the power tariff or hike the subsidy amounts envisaged for the current ... Read More »

Bajwa to brief IMF on tax reforms in Dubai meeting

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa will visit Dubai to participate in a meeting with International Monetary Fund (IMF) on October 29. In the meeting, the FBR chairman will brief the IMF authorities on broadening of tax net, tax reforms and tax revenues in Pakistan. The officials of the FBR hoped that the IMF will appreciate the performance ... Read More »

New World Financial Order

At least 21 countries, Including Pakistan, have signed a memorandum of understanding at Great People’s Hall in Beijing to set up Asian Infrastructure Development Bank with paid up capital of $50 billion. The establishment of the bank indicates China desire to promote investment at the regional level as well as the nature of its competitive relationship with the United States. ... Read More »

Fixing economic woes

Pakistan is 27th largest economy in the world based on its purchasing power, but a quarter of its population lives below the poverty line despite having adequate natural resources and industrial infrastructure. According to experts, internal political chaos, regional instability,energy crisisand lack of interest of developed nations to involve Pakistan in business and tradeactivities are a few causes to be ... Read More »