Pakistan's economy has been in a free fall mode for the last many years, bringing untold pressure on the poor masses in the form of unchecked double-digit inflation.
In July, the IMF transferred USD 1.2 billion to cash-strapped Pakistan, part of the USD 3 billion bailout programme for nine months to support the government’s efforts to stabilise the country's ailing economy.
Shaktikanta Das was speaking at a seminar on the global economy organised by the Ministry of Finance and the Reserve Bank of India (RBI) in the national capital.
The IMF projected a growth rate of 6.1 per cent for India in 2023, which is a 0.2 percentage point upward revision compared with the April projection.
It is worth mentioning India is currently holding meetings of G20 and currently top IMF officials and other leaders are in Gujrat's Gandhinagar to attend the meeting of the third G20 Finance Ministers and Central Bank Governors (FMCBGs) meeting.
It is worth mentioning India is currently holding meetings of G20 and currently top IMF officials and other leaders are in Gujrat's Gandhinagar to attend the meeting of the third G20 Finance Ministers and Central Bank Governors (FMCBGs) meeting.
Other Asian countries that borrowed from the IMF, including Sri Lanka, Nepal, Uzbekistan, the Kyrgyz Republic, Armenia (West Asia) and Mongolia, are far behind Pakistan in terms of taking loans from the global lender.
Porter also highlighted policy missteps in Pakistan, such as "shortages from constraints on the functioning of the FX market", that have stalled the country's economic growth.
Interestingly, discussions between Islamabad and the IMF stalled in December after the global lender delayed the release of a crucial tranche of $1.1 billion from the bailout
IMF on Pakistan Budget: The government unveiled a Rs 14.4 trillion budget for 2023-24 in the National Assembly last week as it battled to fend off a looming default due to shrinking foreign reserves.
International Monetary Fund: From 3.8 per cent in 2022, the growth in the dynamic Asia-pacific is projected to hike to 4.6 per cent in 2023.
Recently, the World Bank and the Asian Development Bank projected moderation in Indian economic growth between 6.3 per cent and 6.4 per cent due to a slowdown in consumption and challenging external conditions.
Issues related to crypto have emerged as a major point of discussion among G20 countries and there is unanimity among member nations about the urgency to regulate this sector.
Facing the brunt of the economic crisis, Pakistan is witnessing power, food, and fuel shortage further adding to the vows of the people.
IMF growth forecast is lower than projections by the Reserve Bank of India (RBI). RBI sees a 7 per cent GDP growth in 2022-23 and a 6.4 per cent in the current fiscal that started on April 1. The government is yet to release full-year GDP numbers for 2022-23.
The IMF applauds India's digital infrastructure and highlights a building block approach and innovation-fostering practices as a model for other nations experiencing a digital transformation.
Kristalina Georgieva, the MD of the International Monetary Fund (IMF), said that the sharp slowdown in the world economy last year due to the pandemic and Russia’s invasion of Ukraine would continue this year.
International Monetary Fund (IMF) managing director Kristalina Georgieva further warned of a similar economic situation this year just like last year wherein a sharp slowdown in the world economy took place following the raging pandemic and Russia's military invasion of Ukraine.
According to reports, the extra money which will be charged by rich people in Pakistan would be used as funds to subsidise fuel for low-income people.
IMF: The International Monetary Fund (IMF) recently approved around a $3 billion bailout program for bankrupt Sri Lanka.
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