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The Latest Breaking News from International Monetary Fund

New Lebanese Parliament Will Act on IMF Deal, PM Adviser Says

A set of reforms the IMF wants Lebanon to enact before approving a funding deal for the country will largely be left for a new parliament to study, an adviser to the prime minister said on Friday, suggesting little may be done before a May 15 national election. The IMF…

Asharq Al-Awsat

Sri Lanka doubles interest rates to tame inflation; stabilise economy

Sri Lanka's central bank doubled its key interest rates on Friday, raising each by an unprecedented 700 basis points to tame inflation that has soared due to crippling shortages of basic goods driven by a devastating economic crisis.

Reuters

Lebanon: Salameh Hopes IMF Conditions Are Met to Secure Program

Lebanese central bank governor Riad Salameh said on Friday he hoped prior conditions set by the International Monetary Fund (IMF) in a staff-level agreement with Lebanon would be met in order to secure IMF board approval of a program. The IMF said on Thursday it had reached a draft funding…

Asharq Al-Awsat

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Foreign Affairs

Is struggling Sri Lanka salvageable?

Last Sunday -- with two notable exceptions -- Sri Lanka's cabinet resigned en masse in protest against the government's handling of the worst economic crisis to hit the island in decades, which has sparked widespread rioting, unrest, and arson attacks on police property.

Bangkok Post

Lebanon reaches tentative deal with IMF on economic policies

Lebanon and the International Monetary Fund have reached a tentative agreement on comprehensive economic policies that could eventually pave the way for unlocking billions of dollars in loans to the crisis-hit country

The Independent UK

IMF, Lebanon Reach Staff-level Funding Deal, Subject to Reforms

The International Monetary Fund (IMF) said on Thursday it had reached a staff-level agreement with Lebanon for a four-year extended fund facility that would however only get full approval from the fund if Beirut enacts a series of reforms. An agreement with the IMF is seen as vital for Lebanon…

Asharq Al-Awsat

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IMF, Lebanon reach draft funding deal, subject to reforms

The International Monetary Fund (IMF) said on Thursday it had reached a draft funding agreement with Lebanon - but that Beirut needed to enact a batch of economic reforms first before its board decided whether to approve the deal.

Reuters

Pakistan political crisis: Rupee falls to an all-time low

The rupee hit 188.14 to the US dollar as the country’s top court prepared to deliver a verdict.

Al Jazeera

Sri Lanka calls for $1 billion debt restructure as crisis rages

Sri Lanka must urgently seek funds from multilateral lenders and aim to restructure a debt payment due in July, its outgoing finance minister said on Thursday, pleading for political stability amid the country's worst economic crisis in decades.

Reuters

Financial warfare: will there be a backlash against the dollar?

The sanctions freezing Russia’s foreign currency reserves have created an incentive for countries to bypass the US currency

Financial Times

In stunning reversal, protests leave Sri Lanka's ruling dynasty teetering

In 2020, Mahinda Rajapaksa won elections to become Sri Lanka's prime minister, serving under his brother and president Gotabaya. In 2021, another sibling, Basil, was named finance minister, tightening the family's hold on power.

Reuters

Gotabaya loses majority in parliament

Over 40 MPs including from allies of ruling SLPP alliance sat as a separate block

The Hindu

Call for greater focus on developing Covid vaccines that block transmission

Experts have warned that the pandemic could ‘reverberate’ around the world for years to come.

The Independent UK

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Reuters

NEWSMAKER-Unheralded Costa Rican economist's unlikely path to presidency

Rodrigo Chaves was an unheralded economist in his native Costa Rica until a series of personal setbacks propelled him into a brief, ill-fated spell in government, then into the race for the presidency, which he won on Sunday.

Benzinga

IMF Warns Russia Sanctions Could Hurt US Dollar Dominance, Cause Fragmentation In Global Financial System: FT

IMF's first deputy MD Gita Gopinath warned that the Western sanctions on Russia could create small currency blocs based on trade between separate groups of countries, the Financial Times reports. All of which could gradually dilute the dominance of the U.S. dollar leading to a more fragmented international monetary system. Gopinath…

Asharq Al-Awsat

Lebanon Cabinet Approves Capital Control Law

Lebanon's Cabinet on Wednesday approved a long-delayed draft capital control law that still requires final approval from parliament amid a worsening financial crisis now in its third year, Information Minister Ziad Makari said in televised remarks following the session. Formal capital controls are a policy recommendation of the International Monetary…

The Hindu

Explaining Sri Lanka’s economic crisis

The country’s current situation is due to misguided policies and flawed external advice

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Asharq Al-Awsat

IMF Delegation Launches Two-Week Mission in Crisis-Hit Lebanon

An International Monetary Fund (IMF) delegation kicked off talks in Beirut Wednesday as part of a two-week mission aimed at securing progress towards funding for crisis-hit Lebanon. The government is hoping to secure a rescue package to exit a deep financial crisis that started in 2019 and has seen most…

Asharq Al-Awsat

Tunisia's UGTT Warns of Public Sector Strike

Tunisia's powerful UGTT union warned on Wednesday that public sector workers may go on strike to reject a package of economic reforms proposed by the government that it said included privatizations, wage freezes and cuts to subsidies. "The Department of Public Sector and Public Service (within the UGTT) approved the…

Asharq Al-Awsat

The frequency and severity of climate-related disasters are rising faster in the Middle East and Central Asia than anywhere in the world, posing a "major threat" to growth and prosperity, IMF Managing Director Kristalina Georgieva said. A new International Monetary Fund paper showed that climate disasters in the region injured…

Asharq Al-Awsat

Egypt Asserts New IMF Program Won't Entail New Burdens on Citizens

Egypt's Finance Minister Mohamed Maait said that the new program with the International Monetary Fund (IMF) aims to maintain the economic reform program and ensure the sustainability of growth rates, asserting that it won't entail any additional burdens on citizens. Egypt kicked off talks with IMF officials to consult on…

Reuters

Lebanese parliament to debate capital control law

A draft Lebanese capital control law will be discussed by parliamentary committees on Monday and put to a vote on Tuesday if the text is agreed, two lawmakers said, a new bid to pass the long-delayed law amid a standoff between banks and some judges.

The Independent UK

Lebanese PM expects progress in talks with IMF over meltdown

Lebanon's prime minister says talks between his government and the International Monetary Fund over an economic recovery plan should make progress in the next two weeks

Asharq Al-Awsat

Lebanon's Banks Threaten to Sue the State

A senior Lebanese official in the financial sector warned that the country was in a severe monetary crisis as a result of explicit duplicity in the state to dealing with the governance of the central bank and the banking system. The danger looms at a time when the talks with…

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