Pakistan is already bankrupt, IMF not the solution, says country's Defence Minister Khawaja Asif
World | February 19, 2023 16:26 ISTThe statement from Pakistan's Defence Minister has come when Pakistan's weekly inflation is touching 39 per cent.
The statement from Pakistan's Defence Minister has come when Pakistan's weekly inflation is touching 39 per cent.
Waiting for the International Monetary Fund (IMF) bailout for the 9th time, the price of one litre of milk in Pakistan is currently PKR 210, Rs 20 up from 190 per litre last week.
Pakistan bailout package: In order to revive its fragile economy, Pakistan is in desperate need of financial assistance and a bailout package from the IMF. According to reports, Pakistan's foreign exchange has dropped below USD 3 billion.
IMF on Indian economy: According to the projection, growth in India is set to decline from 6.8% in 2022 to 6.1% in 2023 before picking up to 6.8% in 2024, with resilient domestic demand despite external headwinds.
India's G-20 leadership: India formally assumed the presidency of G20 (Group of 20) on December 1, 2022. New Delhi is also scheduled to hold the next G20 Leaders' Summit, at the level of Heads of State/Government, on September 9-10 this year.
IMF on India's G20 agenda: Speaking to the media, Ceyla Pazarbasioglu, Director of the Strategy and Policy Review department at the IMF, said India is putting together a collective agenda for a much more prosperous future.
India's economic growth: The International Monetary Fund recently predicted real growth for India at 6.8% this year and 6.1% the following year.
India deserves to be called a bright spot on this otherwise dark horizon because it has been a fast-growing economy, even during these difficult times, but most importantly, this growth is underpinned by structural reforms, said International Monetary Fund (IMF) MD, Kristalina Georgieva.
Business news: The IMF on Tuesday in its World Economic Outlook projected a growth rate of 6.8 per cent in 2022 as compared to 8.7 per cent in 2021 for India.
"The worst is yet to come", the global financial institution's World Economic Outlook report said, Sky News reported.
Global growth is forecast to slow from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023. This is the weakest growth profile since 2001, except for the global financial crisis and the acute phase of the COVID-19 pandemic.
IMF staff and the Sri Lankan authorities have reached a staff-level agreement to support Sri Lanka’s economic policies with a 48-month arrangement under the Extended Fund Facility (EFF) of about 2.9 billion US dollars.
Addressing a rally, Maryam Nawaz said that the coalition government had to make some decisions with a heavy heart, including increasing the prices of petroleum products, because of Khan's wrongdoings.
The revival of the facility will immediately provide access to USD 1 billion, which Pakistan badly needs to buttress its dwindling foreign exchange reserves.
Kristalina Georgieva reminded that the International Monetary Fund is forecasting 3.6% growth for 2022, which is “a long way to global recession.”
As per the sources, ahead of Pakistan's talks with the International Monetary Fund (IMF) for the revival of the USD 6 billion loan programme, the Shehbaz government will abandon the fuel subsidy on Sunday, as per Geo TV.
According to estimates, the country’s economy is likely to grow at 8.2 per cent in 2022-23, down 0.8 per percentage points.
IMF Managing Director Kristalina Georgieva made the remarks at a joint news conference with Nadia Calviño, Chair, the International Monetary and Finance Committee of the IMF.
The IMF, early this week, projected a “fairly robust” growth of 8.2 per cent for India in 2022, making it the fastest-growing major economy in the world, almost twice faster than China’s 4.4 per cent.
The new IMF paper, Pandemic, Poverty, and Inequality: Evidence from India, presented estimates of poverty (extreme poverty PPP USD 1.9 and PPP USD3.2) and consumption inequality in India for each of the years 2004-5 through the pandemic year 2020-21.
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