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IMF praises Greek primary surplus, needs debt deal to join bailout

The International Monetary Fund praised on Friday Greece’s fiscal over-performance last year but said it still needed clarification from euro zone governments on what debt relief Athens can expect before joining the latest Greek bailout. Greek statistics office data showed that the country far exceeded its international lenders’ budget demands last year, posting its first overall budget surplus in 21 years even when debt repayments are included. “The number that came out this morning is well above what we have been projecting, what anybody has been projecting,” the head of ...

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IMF: China should cool credit use

The International Monetary Fund spoke positively on April 19 of China’s efforts to rein in its rapid credit growth but called for more action to reduce the associated financial vulnerabilities, as the issue is still ‘very manageable’. In its latest Global Financial Stability Report, the IMF said the world’s financial system has become safer and more stable since its last assessment in October. Tobias Adrian, the IMF’s financial counselor and director of the monetary and capital markets department, said China is a key contributor to global growth but has notable ...

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U.K. to Drop Out of World’s Top Five Economies by 2022, IMF Says

The U.K.’s global economic power is waning. Britain is set to drop out of the world’s five largest economies based on gross domestic product in nominal terms, according to International Monetary Fund estimates published this week. India is set to leapfrog Germany to rank fourth globally by 2022, pushing the U.K. down to sixth place behind its European peer. The slide in Britain’s relative size comes as the nation sets out to redefine its trading relationship with the rest of the world after Brexit. The rankings also highlight India’s rapid ...

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IMF may fund Greek bailout with small amount, for one year – government

The International Monetary Fund may finance Greece’s current bailout programme with a small amount for one year, the country’s government spokesman said on Thursday, adding that the issue was under discussion between Athens and its creditors. Greece’s current bailout, its third since the debt crisis broke out seven years ago, ends in 2018. The second review of its progress on reforms has dragged on for months, mainly due to a rift between the EU and the IMF over its fiscal targets. “What is under discussion is a small IMF funding ...

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IMF Calls Volcker Rule Hard to Enforce and Threat to Liquidity

A U.S. regulation designed to prevent banks from making speculative bets is difficult to enforce and may drain liquidity from the country’s banking system, according to the International Monetary Fund’s top financial-risk official. The U.S. imposed the so-called Volcker Rule, named after former Federal Reserve Chairman Paul Volcker, after the global financial crisis to discourage banks from taking on too much risk. Part of the Dodd–Frank Act, the regulation restricts federally insured banks from trading securities using their own funds, a practice known as proprietary trading. Many congressional Republicans are ...

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IMF chief says all members believe in free, fair trade

International Monetary Fund Managing Director Christine Lagarde said that the 70-year-old multilateral institution will keep evolving to meet the needs of its 189 members, but added that none are opposed to free and fair trade. “The institution is changing and we will continue to do that in order to adjust to the needs of the membership,” Lagarde said at a forum at the start of IMF and World Bank spring meetings. “And we will be listening to all members as they themselves change over the course of time. But everything ...

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IMF can cooperate with Trump to improve global trade: Lagarde

International Monetary Fund Managing Director Christine Lagarde said on Thursday she believes the IMF can work with the Trump administration to improve the global trading system, but cautioned against jeopardizing open trade as a growth engine. Lagarde told a news conference at the opening of the IMF and World Bank spring meetings in Washington that the IMF saw the need to reduce subsidies and other trade distortions that limit competition, but also said “protectionist measures” needed to be avoided. “From the various contacts that I’ve had with the administration so ...

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IMF urges countries to use fiscal policy wisely amid uncertainty

Political and economic realities in the United States, Europe and China are all clouding the global fiscal outlook but countries should still press forward with nuanced tax and spending policies, the International Monetary Fund said. The international lender’s temperature check on the fiscal situation of the global economy also said that overall public debt in advanced economies should stabilise in the medium term while fiscal deterioration in emerging economies appeared at an end. “The lack of specificity about the size and composition of the expected fiscal stimulus in the United ...

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IMF official says market optimism based on ‘benign’ policy view

The International Monetary Fund’s top official for financial system stability said current market optimism is based on a “benign” view of policy plans going forward, particularly in the United States, and things might not go as expected. IMF Financial Counsellor Tobias Adrian told a news conference that downside risks highlighted in a new IMF financial stability report show the need for getting the policy mix right. “The downside risks arise from deviations from the expected path of future policy,” said Adrian, a former research director at the Federal Reserve Bank ...

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IMF raises China growth outlook but warns of risk of ‘disruptive adjustments’

The International Monetary Fund on Tuesday raised forecasts for China’s economic growth in 2017 and 2018, citing expectations of continued policy support, but warned of potential disruptions in the medium term unless the country reduces its reliance on rapid credit growth. The IMF upgraded its estimate for China’s 2017 growth to 6.6 percent from 6.5 percent, which it made in January. It also raised its forecast for growth next year to 6.2 percent from the previous 6.0 percent. While higher, the IMF estimates would equate to a significant slowdown from ...

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IMF Raises Global Forecast While Warning of Protectionism Threat

The emergence of protectionist forces could undermine a modest brightening of the global growth outlook and is putting severe strain on the post-World War II economic order, the International Monetary Fund said. The IMF raised its forecast for global growth to 3.5 percent this year, up 0.1 percentage point from January, the Washington-based fund said in the latest update to its World Economic Outlook. Expansion will pick up to 3.6 percent in 2018, unchanged from the projection three months ago. The upgrade offers a glimmer of optimism following a trend ...

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Greek debt must be sustainable for IMF to join bailout – Lagarde

The International Monetary Fund will not take part in a bailout programme for Greece if it deems the country’s debt is unsustainable, the international lender’s chief Christine Lagarde said in an interview published on Tuesday. Greece needs to implement reforms agreed by euro zone finance ministers earlier this month to secure a new loan under its 86 billion-euro (£72.78 billion) bailout programme, the third since 2010. The loan is needed to pay debt due in July, but talks continue and the IMF has not yet decided whether to join the ...

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OECD employment rate increases to 67.2% in the fourth quarter of 2016

The OECD area employment rate – defined as the share of people of working-age in employment – increased by 0.2 percentage point in the fourth quarter of 2016, to 67.2%. Compared to the previous quarter, the employment rate increased by 0.5 percentage point in Canada (to 72.9%), by 0.2 percentage point in the euro area (to 65.7%), the United Kingdom (to 73.7%) and the United States (to 69.5%) and by 0.1 percentage point in Japan (to 74.7%), Korea (to 66.3%) and Turkey (to 50.5%). Over the same period, the employment ...

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Japan: Boost employment and productivity to promote inclusive growth and meet demographic challenges

The latest OECD Economic Survey of Japan, presented in Tokyo byOECD Secretary-General Angel Gurría, says that per capita growth rates in recent years have matched those across the OECD – a major improvement. The Survey underlines the key role Abenomics has played in the economic revival. Click here to download data from Excel file‌‌‌But more needs to be done to solidify the expansion and ensure future economic prosperity and well-being against the backdrop of high government debt and a shrinking workforce. The report identifies priority areas for further reforms, including ...

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IMF chief Lagarde says ‘halfway’ there on Greek bailout talks

International Monetary Fund chief Christine Lagarde on Wednesday said Greece was heading in the right direction on reforms but talks on its bailout and the IMF’s potential role in it were “only halfway through”. Greece and its international lenders are negotiating reforms the country needs to carry out to maintain a sustainable growth path in the years following the end of its bailout programme, which ends in mid-2018. “What I have seen in the last couple of weeks is heading in the right direction. We are only halfway through in ...

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