IMF cuts India’s FY23 growth forecast to 8.2%, warns of inflation & supply disruption
The reason for this sudden cut in the growth estimate is due to the negative impact of increasing oil prices due to the ongoing Russia-Ukraine war.
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“India has eliminated extreme poverty,” says a study by International Monetary Fund
The report compiled by the authors at IMF, Surjit Bhalla, Arvind Virmani, and Karan Bhasin, suggest that India has been able to bring down the consumption inequality to its lowest record in the last 40 years.
Forex reserves surge by $2.76 billion at $632.95 billion: RBI data
The rise in overall reserves was on account of a rise in the foreign currency assets (FCA), a vital factor of the overall reserves, the Reserve Bank of India's (RBI) weekly data published on Friday indicated.
El Salvador should scale back its campaign for Bitcoin: IMF
The advice came as part of the international lender's study on El Salvador's GDP.
IMF releases revised World Economic Outlook, cuts India’s growth forecast to 9% for FY22
The global economic growth is expected to be at 4.4% for 2022 & it is likely to be slow down to 3.8% in 2023.
India witnesses a decline in forex reserve by $1.14 billion
The country's reserve position with the IMF reduced by USD 14 million to USD 5.228 billion in the reporting week, the data presented.
Economic recovery accelerates as COVID-19 cases decline: Finance Ministry
The economy would have recovered faster if severe rain had not hampered building, mining, and electricity usage, according to the finance ministry.
Pakistan faces its worst economic crisis in history as foreign debts mount up: Report
As per the report, the country is facing mounting foreign debt which will make it liable to require gross external financing of USD 51.6 billion within a two-year period in order to fulfil its needs.
IMF’s first woman Chief Economist, Gita Gopinath to leave her position in January
Gita Gopinath on her appointment to the organisation in 2019 had become the first woman in history to hold the position of chief economist at the IMF.
COVID-19 Pandemic is intensifying poverty and disparities, global co-operation required for fast recovery: IMF
"International solid teamwork and quick action are needed to facilitate universal vaccination to derive the pandemic range, narrow divergences, and promote an inclusive recovery everywhere," it said in the communique.
Post-pandemic India should shift focus on green investment: IMF
India’s debt is at the ratio of about 90 per cent. It is essential to signal a medium-term fiscal structure that guarantees investors that the debt ratio will decrease during the medium term.
Indian economy to advance by 9.5% in 2021, 8.5% in 2022 as per latest predictions: IMF
Gita Gopinath, Chief Economist of the IMF, said that compared to their July forecast, the global growth projection for 2021 has been revised down marginally to 5.9 per cent and is unchanged for 2022 at 4.9 per cent.
UN Secretary-General Antonio Guterres asks to avoid an economic meltdown that would spark a “catastrophic” situation for the Afghans
Warning given to the security council on the cutting of billions of dollars in international Afghan assets to keep them out of Taliban hands would automatically spark "a severe economic downturn."
IMF stops Afghanistan’s access to emergency fund of $460 million
The US government is also said to block USD 9.5 billion so that it does not get in the hands of the Taliban. US Treasury secretary Janet Yellen and personnel at the Treasury Office have concluded ceasing the assets.
Forex Reserves rise to record high of $620.57 billion
The increase in the increment of the reserves led to the gradual growth of foreign policy assets. Which proved to be a major element in general for all the reserves.
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