Latest International Monetary Fund News

Pakistan PM warns of 'tough time' to fulfill IMF conditions

Feb. 03, 2023 09:51 AM EST

ISLAMABAD (AP) — Pakistan's prime minister on Friday warned of a “tough time" as his government struggles to comply with conditions set by the International Monetary Fund for the next tranche of the country's bailout package. Prime Minister Shahbaz Sharif addressed an auditorium...

China confirms offer to Sri Lanka of debt moratorium

Feb. 03, 2023 06:15 AM EST

BEIJING (AP) — China’s government on Friday confirmed it is offering Sri Lanka a two-year moratorium on loan repayments as the Indian Ocean island nation struggles to restructure $51 billion in foreign debt that pushed it into a financial crisis. China lent to Sri Lanka as part...

Lebanon sets new exchange rate, dramatically devalues pound

Feb. 01, 2023 06:39 AM EST

BEIRUT (AP) — Three years into a crippling financial crisis, Lebanon's Central Bank on Wednesday set a new exchange rate that effectively devalued the country's currency by 90% but did little to bridge the gap with the soaring black market rate. The dramatic measure is meant to...

IMF upgrades outlook for the global economy in 2023

Jan. 30, 2023 22:39 PM EST

WASHINGTON (AP) — The outlook for the global economy is growing slightly brighter as China eases its zero-COVID policies and the world shows surprising resilience in the face of high inflation, elevated interest rates and Russia's ongoing war against Ukraine. That's the view of the...

Egypt Central Bank: Pound slips to new low against dollar

Jan. 30, 2023 11:17 AM EST

CAIRO (AP) — The Egyptian pound dipped to a new low Monday of just over 30 for $1, as the cash-strapped North African country continues to battle surging inflation and foreign currency shortages, authorities said. The landmark slide in Egypt's Central Bank selling rate is the...

Sri Lanka leader suspends parliament until policy address

Jan. 28, 2023 04:48 AM EST

COLOMBO, Sri Lanka (AP) — Sri Lanka's president suspended Parliament until Feb. 8, when he said he would announced a new set of long-term policies to address a range of issues including an unprecedented economic crisis that has engulfed the Indian Ocean nation for months. President...

Cash-strapped Pakistan's rupee plunges amid talks with IMF

Jan. 26, 2023 10:02 AM EST

ISLAMABAD (AP) — Cash-strapped Pakistan’s currency plunged Thursday against the dollar after the government indicated it was ready to comply with tough conditions set by the International Monetary Fund for the next tranche of its bailout package. Pakistan is seeking a crucial...

Sri Lanka says debt-restructuring talks making progress

Jan. 25, 2023 19:40 PM EST

COLOMBO, Sri Lanka (AP) — Debt-stricken Sri Lanka’s Central Bank chief said Wednesday that the country is making good progress in talks with its creditors to obtain financial assurances for debt restructuring, an important step toward finalizing an International Monetary Fund rescue plan. ...

Lights out in Pakistan as energy-saving move backfires

Jan. 23, 2023 13:21 PM EST

ISLAMABAD (AP) — Most of Pakistan was left without power Monday as an energy-saving measure by the government backfired. The outage spread panic and raised questions about the cash-strapped government’s handling of the country's economic crisis. It all started when electricity...

India backs Sri Lanka to secure IMF bailout plan amid crisis

Jan. 20, 2023 05:05 AM EST

COLOMBO, Sri Lanka (AP) — India's foreign minister said Friday his country has given financial assurances to the International Monetary Fund to facilitate a bailout plan to help neighboring Sri Lanka emerge from its worst economic crisis, in a first formal announcement from one of the island...