Following a retreat held in Washington at the IDB headquarters, on the sidelines of the International Monetary Fund and World Bank spring meetings, the MDBs said the agreed plan involves "joint steps to work more effectively as a system" to take action on climate change.
The struggling South Asian nation had managed to accumulate foreign exchange reserves in recent months and was on track for its war chest to hit $10 billion - or roughly two months import cover - by end-June. The debt situation also looked more benign, Aurangzeb said. Read on to know more:
India has successfully navigated multiple shocks over the last several years, said Krishna Srinivasan, Director, Asia and Pacific Department, at the IMF. It's emerging to be one of the fastest major economies in the world. "In fact, for this year, for 2024-25, we project growth at 6.8 per cent led by private consumption and public investment. Inflation is coming down gradually. It's now below 5 per cent," he said.
IMF urges Asian central banks to prioritize domestic inflation over Fed decisions. World Economic Outlook expects Asia's economy to grow 4.5% in 2025, emphasizing the impact of government spending on China's economy.
International Monetary Fund (IMF) and World Bank Spring Meetings in Washington DC, USA focus on reforming Multilateral Development Banks (MDBs) to address 21st-century challenges. The Group of 20 (G20) nations is crucial in pushing for comprehensive reforms. MDBs exploring innovative financing and local currency funding to enhance global development financing. Read more:
The heavy debt weighing on developing countries can be alleviated through readily available measures, the UN's trade and development chief said, pleading for bold international action. There have been numerous efforts over the decades to resolve debt problems weighing on poor countries, but Grynspan said they have been so slow and complicated that they often act as a "deterrent".
The International Monetary Fund (IMF) has revised its forecast for India's economy, predicting a 6.8% growth in FY25 and 6.5% in 2025. This follows upward revisions by other international lenders, which predict strong domestic demand and a revival in the rural economy. The IMF also revised its FY24 growth forecast to 7.8%, higher than the government's estimate of 7.6% for the year.
A report by the Bretton Woods Committee's Multilateral Reform Working Group suggests that the World Bank and IMF should adopt a gap-based approach to tackle climate challenges. The report identifies three gaps in the public sector's approach: governance, implementation, and accountability.
The spring meetings of the International Monetary Fund and the World Bank are due to open Tuesday, help countries combat climate change, and assist the most indebted nations. In many ways the problems now are no less daunting, particularly as the World Bank and IMF -- which just reappointed its managing director Kristalina Georgieva to a second five-year term -- seek a path forward on climate change.
The spring meetings of the International Monetary Fund and the World Bank are due to open Tuesday, help countries combat climate change, and assist the most indebted nations. In many ways the problems now are no less daunting, particularly as the World Bank and IMF -- which just reappointed its managing director Kristalina Georgieva to a second five-year term -- seek a path forward on climate change.
Finance Minister Muhammad Aurangzeb is due to leave on Sunday for Washington to attend the IMF-World Bank spring meeting, where he will start negotiations for Pakistan's 24th long-term IMF bailout. Aurangzeb briefed Prime Minister Shehbaz Sharif about the new IMF programme on Friday, the government said in a statement. Read more:
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