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IMF participation on Greece contingent on reforms, debt relief -spokesman

The International Monetary Fund will only consider a financial contribution to the bailout programme for Greece after there has been full discussion on economic reforms and debt restructuring, IMF spokesman Gerry Rice said on Thursday. “Before the IMF would be able to make a commitment on our participation in the programme, we would need to have the discussion of both policies and debt relief, and beyond the discussion credible commitments in which we have confidence,” Rice said in response to a question at a regular news briefing. Source: Reuters (Reporting ...

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IMF Wants India Ready to Tighten as RBI Signals Easing Pause

The IMF echoed the Reserve Bank of India’s concern on inflation, saying the monetary authority must be ready to raise interest rates if price pressures build. “Given sticky and elevated household inflation expectations and food supply constraints, continued vigilance on upside risks to inflation is needed,” the International Monetary Fund’s staff said in a report published Wednesday, after meeting with Indian policy makers last month. “Supply-side reforms, particularly in agriculture, continued fiscal consolidation, and relieving impediments to monetary transmission are crucial to retain low inflation in the medium term.” Indian ...

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Greece needs debt restructuring, interest rate cuts – IMF’s Lagarde

Greece doesn’t need a debt haircut at the moment, International Monetary Fund Chief Christine Lagarde said, adding that debt restructuring and interest rate cuts on bailout loans were necessary. “We are much more confident after the progress made by the Greek authorities to come in the direction of the institutions to satisfy the requirements that we have in order to engage in a program,” Lagarde told German public broadcaster ARD after talks with Chancellor Angela Merkel in Berlin. She said Greece should implement pension and income tax reforms demanded by ...

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Trump Scorns the IMF’s Globalism, and Now He Gets to Vote on It

Christine Lagarde is racing through Uganda in a black SUV. It’s a bumpy road — not the only one the IMF chief is likely to encounter in the age of President Donald Trump. Since World War II, America has set the agenda for the world economy. The International Monetary Fund has been one of its main tools. The Fund helped steady the finances of war-ravaged Europe, enthrone the dollar as the international currency and shore up U.S. allies from Britain to Korea. Above all, it promoted a Washington consensus based ...

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IMF says Portugal banks’ buffers not enough, cleanup needed

The capital buffers in Portugal’s banks aren’t big enough to deal with their bad loans, the International Monetary Fund warned, and it urged banks to clean up their balance sheets to help the country grow and cut its debt burden. In a report of the fifth monitoring mission following the end of Portugal’s bailout in 2014, the IMF board said that despite a reduction in risk-weighted assets, Portugal’s banks had the second-lowest capital ratio in the European Union, at 12.3 percent. Although total capital in the banking system is above ...

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Nigeria says sees no need to go to IMF, plans its own reforms

Nigeria sees no need to apply for an International Monetary Fund programme as it is pursuing its own economic reform plan, Finance Minister Kemi Adeosun said on Tuesday. Sharp falls in the price of crude oil, its main export, have tipped Africa’s biggest economy into its first recession for 25 years and hammered the naira currency, prompting speculation it might need IMF funding to cover a growing budget deficit. “For us the IMF is really a lender of last resort when you have balance of payments problem. Nigeria doesn’t have ...

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IMF’s Lipton said progress made on Greece

A top official at the International Monetary Fund (IMF) said on Tuesday there had been progress on Greece and the Fund would like to get to a situation where it could help Greece. “Some progress has been made,” David Lipton, first deputy managing director of the IMF, told reporters in Berlin. “we would like to be in a position to help Greece,” he added. Source: Reuters (Reporting by Gernot Heller; Writing by Madeline Chambers; Editing by Paul Carrel)

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Don’t Dismiss Trump’s Trade Concerns Outright, Says IMF’s Lipton

The Trump administration’s criticisms of some countries’ trade policies have a degree of legitimacy and shouldn’t all be dismissed outright, a senior International Monetary Fund official said Tuesday. “It’s the role of this (U.S.) administration to level the playing field and to restore some balance on behalf of the American people,” David Lipton, the IMF’s second-most senior official, told a conference in Berlin. “The key is to try to look at what they say as a diagnosis and to help them sort out what really does make sense and what ...

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Portugal reimburses half of IMF bailout with latest payment

Portugal has made a new early repayment of 1.7 billion euros (£1.45 billion) to the International Monetary Fund, meaning it has reimbursed half of the bailout loans provided by the IMF during the 2011 debt crisis, the Finance Ministry said. “The reimbursement has been concluded about six months earlier than planned, reflecting the robust economic and financial conditions in Portugal,” the ministry said in a statement. Last week, the government said it cut the budget deficit in 2016 to 2.1 percent of GDP or less, the lowest level in the ...

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OECD GDP growth slows to 0.4% in fourth quarter of 2016

Real growth of gross domestic product (GDP) in the OECD area decelerated slightly to 0.4% inthe fourth quarter of 2016, compared with 0.5% in the previous quarter, according to provisional estimates. Among Major Seven economies, growth picked up in Germany and France in the fourth quarter of 2016, to 0.4%, compared with 0.1% and 0.2% respectively in the previous quarter, and remained stable in the United Kingdom, at 0.6%. However, growth slowed sharply in the United States (to 0.5%, down from 0.9%) and also, albeit slightly, in Japan and Italy ...

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IMF says its view on Greek bailout deal unchanged

The International Monetary Fund declined to comment on a media report that it was likely to contribute up to 5 billion euros (4.26 billion pounds) to a third bailout package for Greece, saying its views on the deal had not shifted. The German magazine Der Spiegel said in an unsourced report that European lenders were now expecting the IMF to contribute a sum of this size after first having hoped for 16 billion euros. “We will not comment on speculation. The Fund’s position is well known and hasn’t changed,” an ...

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IMF likely to contribute up to 5 billion euros to Greek bailout -Spiegel

The International Monetary Fund is likely to contribute up to 5 billion euros (£4 billion) to the third bailout package for Greece, German magazine Der Spiegel said in an unsourced report published on Friday. It said European lenders were now expecting a sum of this size after originally having hoped for 16 billion euros. The Fund’s involvement in the programme has been uncertain. Earlier on Friday, a German Finance Ministry spokeswoman said Berlin considered it essential that the IMF participate. The Spiegel report said the IMF now shared the view ...

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Sustained reforms are essential to reinforcing inclusive growth in Italy

Italy is slowly emerging from a deep and lengthy recession, helped by a range of structural reforms – such as the Jobs Act – and accommodative monetary and fiscal policies, according to a new OECD report. The Economic Survey of Italy says that to boost inclusive growth, Italy needs to maintain a people-centred focus on enhancing well-being, reducing labour market duality and the mismatch of skills with jobs, while improving access to employment opportunities and vocational education for disadvantaged groups. The report also highlights that vital reforms to create a ...

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IMF can’t cut special deal for Greece but debt solution possible – Lagarde

The International Monetary Fund is doing the best it can to agree on bailout loans for Greece but cannot compromise its principles and cut a sweetheart deal for the country, IMF Managing Director Christine Lagarde said on Monday. She said, however, that a reduction in Greece’s debt load could occur without international lenders having to take write-downs of their loans – an issue of specific concern to European Union creditors. Greece, the IMF and official European creditors are locked in a review of the country’s bailout programme and need an ...

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IMF’s Stand on Greek Bailout Unnerves Europe

As a new Greek debt crisis gathers pace, one of the major players in the drama has remained remarkably calm: the International Monetary Fund. European governments and institutions are desperate to resolve a months-old standoff over the next phase of Greece’s bailout program. The window for a deal is fast closing with the imminent start of the Dutch election campaign and may not reopen until after the French election in May. But the IMF is proving impervious to political pressure. Some European governments have said they won’t give any more ...

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