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The Latest Breaking News from International Monetary Fund

Value of Lebanese pound drops to all-time low

The black market rate, widely used across the country, now sits at 35,600 to the US dollar.

Al Jazeera

Lebanese Pound Trades at Record Low of 35,000 to the Dollar

Lebanon's pound traded at a record low of more than 35,000 to the dollar on Thursday, according to currency exchange platforms and traders, as divisions within a newly-elected parliament fuel concerns political paralysis will worsen the country's financial crisis, Reuters reported. The legislature elected on May 15 has yet to…

Asharq Al-Awsat

Security Council Calls for Swift Formation of New Government in Lebanon

The 15 members of the UN Security Council called on Wednesday for the quick formation of a new inclusive government in Lebanon and the urgent implementation of previously outlined tangible reforms, including the swift adoption of an appropriate budget for 2022. The swift formation of a new cabinet “would enable…

Asharq Al-Awsat

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IMF's Georgieva: 'Trend of fragmentation is strong'

International Monetary Fund Managing Director Kristalina Georgieva on Wednesday said she worries less about the risk that the war in Ukraine and a further slowdown in China might trigger a global recession than she does about the strength of the trend toward economic and political fragmentation.

Reuters

Davos 2022: IMF chief Georgieva urges action on food crisis

The world is facing its worst food crisis in history. Millions of tonnes of wheat are stuck in Ukraine, worsening an already precarious situation for many countries that depend on exports from the region. IMF Managing Director Kristalina Georgieva tells FRANCE 24 Business Editor Kate Moody that only "very strong…

France 24

Sri Lanka prime minister retains finance minister portfolio

Sri Lanka's Prime Minister Ranil Wickremesinghe will hold dual charge as finance minister, the president's office announced on Wednesday, and will lead talks with the International Monetary Fund (IMF) for a bailout for the crisis-hit nation.

Reuters

Global economy faces 'biggest test since the Second World War', expert warns

Kristalina Georgieva, head of the International Monetary Fund, said food and energy prices are squeezing households around the world - and central banks are tightening monetary policy to rein in inflation

Daily Mirror

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What you need to know about Davos on Monday

The World Economic Forum returned to Davos on Monday with a unique spring gathering. Here is what you need to know about Day 1:

Reuters

World economy has 'buffer' against recession says IMF's Gopinath

While the world economy faces headwinds, current growth forecasts offer a buffer against a potential global recession, the International Monetary Fund's No. 2 official said Monday.

Reuters

IMF chief does not expect recession but it isn't 'out of the question'

International Monetary Fund Managing Director Kristalina Georgieva on Monday said she does not expect a recession for the world's major economies but also cannot rule one out.

Reuters

G7 Countries to Provide $19.8 Billion in Aid to Ukraine

The Group of Seven leading economies agreed Friday to provide $19.8 billion in economic aid to Ukraine to help keep tight finances from hindering its ability to defend itself from Russia’s invasion. German Finance Minister Christian Lindner told reporters that $9.5 billion of the total amount was mobilized at meetings…

Asharq Al-Awsat

Lebanon Recovery Plan Includes Central Bank Debt Write-Off, Haircuts to Depositors

Lebanon's government foresees cancelling "a large part" of the Central Bank's foreign currency obligations to commercial banks and dissolving non-viable banks by November, according to a financial recovery plan passed by the cabinet on Friday. The document, seen by Reuters and verified as accurate by a minister, was passed by…

Asharq Al-Awsat

Pandemic and explosions worsen Equatorial Guinea prospects, IMF says

Equatorial Guinea's ailing economy has been dented by the pandemic and a series of deadly dynamite explosions in 2021 despite government efforts to mitigate the impact of these shocks on the oil-producing nation, the International Monetary Fund (IMF) said on Friday.

Reuters

IMF extends Somalia funding to August following election

The IMF accepted the Somali government’s request for a three-month extension to examine and endorse planned reforms.

Al Jazeera

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Al Jazeera

Pakistan holds bailout talks with IMF in Qatar as economy falters

The new Pakistan government is seeking the release of more funds from a $6bn rescue programme agreed with IMF in 2019.

AFP

Pakistan bans import of luxury items to boost economy

Islamabad (AFP) - Pakistan’s new government on Thursday said it would ban the import of over 30 luxury items including cars and fruit jams in an austerity move to help boost the country's faltering economy.

The Independent UK

Pakistani rupee drops to record low amid talks with IMF

Pakistan’s currency has plummeted to an all-time record low in intraday trading against the U.S. dollar amid uncertainty about the success of crucial talks between the International Monetary Fund and the government of Prime Minister Shahbaz Sharif, which is considering massive new taxation to avoid a default

AFP

Pakistan and IMF to meet over release of funds as economy falters

Islamabad (AFP) - The International Monetary Fund will begin talks with Pakistani officials on Wednesday over the release of crucial funds, a process slowed by concerns about the pace of economic reforms in the South Asian country.

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Asharq Al-Awsat

UN Chief Calls for 'Inclusive Government' after Lebanon Vote

UN Secretary General Antonio Guterres called on Lebanon to form an "inclusive government" to tackle the country's economic crisis, after elections held over the weekend, his office said Monday. Guterres "looks forward to the swift formation of an inclusive government that can finalize the agreement with the International Monetary Fund…

Reuters

Ukraine's president discusses need for financial support with IMF's Georgieva

Ukrainian President Volodymyr Zelenskiy said on Monday he had discussed the need for financial support for Ukraine's economy during a video conference with International Monetary Fund Managing Director Kristalina Georgieva.

AFP

Somalia lawmakers elect Hassan Sheik Mohamud for second term as president

Mogadishu (AFP) - Somalia handed Hassan Sheikh Mohamud the presidency for a second time following Sunday's long-overdue election in the troubled Horn of Africa nation, which is confronting an Islamist insurgency and the threat of famine.

AFP

Somalia's leader battles his predecessor for presidency

Mogadishu (AFP) - Somalia's president battled his predecessor for the top job Sunday in long-overdue elections in the troubled Horn of Africa nation, as it confronts an Islamist insurgency and the threat of famine.

Reuters

Ghana to find other ways of handling debt without going to IMF - Finance Minister

Ghana's Finance Minister Ken Ofori-Atta said on Thursday the government was committed to not seeking International Monetary Fund (IMF) assistance to relieve its debt.

Asharq Al-Awsat

Lebanon: How Will Vote Impact Crisis-hit Economy?

The Lebanese parliament voted in on Sunday will have to tackle overdue reforms required for international assistance the cash-strapped country desperately needs. After Lebanon struck a conditional deal with the International Monetary Fund for a $3 billion aid package, AFP looks at the challenges that await incoming lawmakers in a…

Asharq Al-Awsat

Tunisia Says Talks with IMF Positive, Committed to Paying Debts

Tunisian Finance Minister Sihen Boughiri said on Wednesday that initial talks with the International Monetary Fund were positive and that Tunis was committed to paying all its foreign debts. Tunisia, in the throes of a severe financial crisis, is seeking to reach a new loan deal with the IMF in…

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