The International Monetary Fund looks at India as a country that recognizes the need for an environmentally sustainable development strategy as the global community gears up for a decisive fight against climate change.
Eminent economist Surjit S Bhalla was on Tuesday appointed as the Executive Director for India on the board of the International Monetary Fund (IMF), an official order said.
Georgieva is the first person from an emerging market economy to lead the IMF at a time when, she said, "global economic growth continues to disappoint and trade tension persist".
The IMF mission visited Islamabad and Karachi from September 16-20 and met top officials. The mission will come back in late October to assess the end-September program targets which will complete the first review by an IMF staff team.
The eight-member IMF team, led by Middle East and Central Asia Director Jihad Azour, will hold a series of meeting Prime Minister Imran Khan and other officials of the Pakistani government.
Cash-strapped Pakistan may seek the intervention of the US for relief from the tough conditions of the FATF and the IMF in lieu of its its services for the peaceful exit of American troops from Afghanistan, according to a media report.
The International Monetary Fund (IMF) in July projected a slower growth rate for India in 2019 and 2020, a downward revision of 0.3 per cent for both the years, saying its Gross Domestic Product (GDP) will now grow respectively at the rate of 7 per cent and 7.2 per cent, reflecting a weaker-than-expected outlook for domestic demand.
India's economic growth is "much weaker" than expected, the IMF said on Thursday, attributing the reasons to corporate and environmental regulatory uncertainty and lingering weaknesses in some non-bank financial companies.
The IMF on Tuesday projected a slower growth rate for India in 2019 and 2020, a downward revision of 0.3 per cent for both the years, saying its GDP will now grow respectively at the rate of 7 and 7.2 per cent reflecting a weaker-than-expected outlook for domestic demand.
The IMF has urged Pakistan to mobilise domestic tax revenues to provide for the social and development spending and place debt on a downward trend. The statement of International Monetary Fund (IMF) Acting Managing Director David Lipton came after he met Prime Minister Imran Khan who is on a three-day official visit to the US at the invitation of President Donald Trump.
The External Sector Report of the IMF released on Wednesday by Chief Economist Gita Gopinath also found that India's Net International Investment Position had slightly improved with the deficit coming down from $438 billion in 2017-18 to $431 billion in 2018-19.
Christine Lagarde on Tuesday resigned as the Managing Director of the International Monetary Fund (IMF). This comes just hours before a vote on her nomination to become head of the European Central Bank (ECB). Lagarde's resignation comes into effect from September 12, 2019.
The IMF also released a brief assessment of the current economic situation in Pakistan, along with a summary of the IMF programme for the country, noting that the Pakistani economy was at a critical juncture.
This decision followed the US ending India's $5.6 billion trade concessions under the Generalised System of Preferences (GSP) programme.
The agreement now awaits a formal approval by the International Monetary Fund (IMF) board, Dawn news quoted Adviser to Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh as saying.
The IMF's bailout package to cash-strapped Pakistan could be delayed as the global lender is pressing it to be transparent on the CPEC project and wants a written guarantee from Islamabad that its assistance will not be used to repay the loans to China, a media report said on Monday.
"Important reforms have been implemented and we feel more reforms are needed to sustain this high growth, including to harness the demographic dividend opportunity, which India has," IMF communications director Gerry Rice said.
IMF economist Bluedorn noted that the key challenges facing youth in emerging economies labour markets include gender gaps, technological change, poor job quality in employment.
India's economy is poised to pick up in 2019, benefiting from lower oil prices and a slower pace of monetary tightening than previously expected, as inflation pressures ease," the IMF said.
Minister Umar made the remarks during a meeting with businessmen at the Karachi Chamber of Commence and Industry (KCCI).
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