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Demonetisation has hit India’s growth: IMF

The Naredra Modi government’s demonetisation move could dampen India’s growth by one percentage point in the current fiscal year and 0.4 percentage point next year, compared to its earlier projections, the International Monetary Fund (IMF) said. The IMF now expects India to record a growth of 6.6 percent for the current year, and 7.2 percent next year. Earlier, IMF had projected 7.6 percent this year and next year. According to the IMF World Economic Outlook (WEO) update released on Monday, there is marginal upward shift in prospects for the U.S ...

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IMF Upgrades U.S. Growth Forecast on Trump Stimulus Plans

President-elect Donald Trump hasn’t taken office yet, but he is already reshaping the global growth outlook. The International Monetary Fund on Monday bumped up its economic growth forecasts for the U.S., saying output could grow nearly a half-percentage point faster than previously thought over this year and next, thanks to Mr. Trump’s plans to cut taxes and boost infrastructure spending. That would put U.S. economic expansion at 2.3% this year and 2.5% next year. At the same time, the IMF slashed its growth forecasts for Mexico by 0.6 percentage point ...

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IMF- A Shifting Global Economic Landscape: Update to the World Economic Outlook

An accumulation of recent data suggests that the global economic landscape started to shift in the second half of 2016. Developments since last summer indicate somewhat greater growth momentum coming into the new year in a number of important economies. Our earlier projection, that world growth will pick up from last year’s lackluster pace in 2017 and 2018, therefore looks increasingly likely to be realized. At the same time, we see a wider dispersion of risks to this short-term forecast, with those risks still tilted to the downside. Uncertainty has ...

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Stronger signals of growth momentum picking-up in several major OECD economies

Composite leading indicators (CLIs), designed to anticipate turning points in economic activity relative to trend, continue to point to growth momentum picking up in several advanced economies. The CLI for Germany anticipates growth gaining momentum. In the United States, Canada, and France the CLIs confirm the signs of growth gaining momentum flagged in last month’s assessment, with similar signals now also emerging in Japan. In the United Kingdom, there are tentative signs of growth gaining momentum, but the CLI remains below trend and uncertainty persists about the nature of the ...

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Fitch: IMF Deals Ease Frontier Market Pressures; Compliance Key

Hong Kong/London/Singapore-06 January 2017: Support from the IMF has helped to mitigate external liquidity risks and reduced the medium-term default risks in several frontier markets that entered into new programmes in 2016, Fitch Ratings says. However, potential improvements in sovereign credit profiles will depend on each country’s level of compliance with IMF conditions, and implementation risks are often high. In the two years leading up to their IMF loans, Fitch took negative rating action on five of the eight sovereigns that entered Standby Arrangements or Extended Fund Facilities in 2016 ...

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IMF Doubles Down on Lagarde as Trump Aims to Upend World Order

The International Monetary Fund’s executive board caught a glimpse this week of what life might be like in the wilderness of a rapidly shifting world order. It didn’t take them long to slam the door. Christine Lagarde’s conviction on Monday of negligence in a French court cast uncertainty over her ability to continue as the IMF’s managing director. Within hours of the judgment, in which she escaped any punishment, the fund’s 24-member executive board put to rest any speculation that she might have to resign, praising her “outstanding leadership” and ...

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IMF’s Lagarde keeps job, escapes penalty after negligence conviction in France

International Monetary Fund chief Christine Lagarde kept her job and escaped punishment despite a conviction on negligence charges by French judges over a state payout made while she served as France’s finance minister in 2008. The Washington-based IMF executive board reaffirmed its full confidence in Lagarde’s abilities to perform her duties leading the Fund, hours after the verdict was issued in Paris. “The Executive Board looks forward to continuing to work with the Managing Director to address the difficult challenges facing the global economy,” the board said in a statement. ...

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IMF’s Lagarde guilty, but not punished, in French negligence trial

French judges found IMF chief Christine Lagarde guilty of negligence on Monday for failing to challenge a state arbitration payout to a business tycoon in 2008 when she was French finance minister, but they did not punish her. “The context of the global financial crisis in which Madame Lagarde found herself in should be taken into account,” said Martine Ract Madoux, the main judge, in explaining the absence of any sentence. She also cited Lagarde’s good reputation and international standing as reasons why the court did not hand down a ...

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IMF’s Lagarde speaks of “five-year ordeal” on last day of negligence trial

IMF chief Christine Lagarde on Friday told the Paris court trying her for negligence that she had always acted in good faith and that the suspicion that she had lived under for the past five years had been an “ordeal”. Lagarde, 60, faces charges, which she denies, of being negligent when, as French finance minister, she approved in 2008 a payout to businessman Bernard Tapie in an out-of-court settlement which cost the French taxpayer 400 million euros ($425 million). If convicted when the decision is announced next Monday, Lagarde could ...

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IMF’s Head proposes to cancel part of the greek debt. He is right! The sooner the better.

He has been asking for a reduction of the Greek debt and an end to the austerity. He is not Greek; he is the director of the International Monetary Fund, IMF. Nobody can accuse Paul Thomsen to be more favourable to Greece than to the creditors. His organisation, the IMF, has lent enormous amounts of money to Greece. What he says is obvious. Greece is totally unable to reimburse the 350 billion euro it owes already to the European countries, banks and to the IMF. This number represents 180% of ...

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Conflicts, oil prices to dominate regional outlook, IMF says

The Arab region has a diverse economic outlook based on the economic and political realities different countries face, Natalia Tamirisa, assistant to the director of the IMF Research Department, told the Arab Strategy Forum. Based on this, countries from the region are categorised into three groups: countries in conflict, oil exporters and oil importers. The slump in oil prices and ongoing conflicts continue to weigh on the region’s economic outlook. Uncertainties arising from conflicts in Iraq, Libya, Syria, and Yemen are weakening confidence and lower oil prices are taking a ...

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French prosecutor says accusations against IMF’s Lagarde ‘very weak’

The chief prosecutor in the negligency trial of IMF chief Christine Lagarde in Paris said on Thursday that the hearing had failed to support the “very weak” accusation against her. Lagarde, 60, faces charges, which she denies, of being negligent when, as French finance minister, she approved in 2008 a payout to businessman Bernard Tapie in an out-of-court settlement which cost the French taxpayer 400 million euros (342.39 million pound). The special court which judges cases involving government ministers is to hand down a verdict on Monday. Source: Reuters (Reporting ...

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IMF Demands More Spain Reforms to Keep ‘Impressive’ Recovery

Spain must make further efforts to reduce long-term unemployment and continue its budgetary adjustment process, the International Monetary Fund said, while noting that the nation’s economic recovery remains robust. In its concluding statement after its assessment of the country’s economic performance, the Washington-based institution said Spain witnessed an “impressive recovery” helped by reforms, fiscal loosening and the European Central Bank’s unprecedented monetary stimulus. Despite the optimistic tone, it warned that vulnerabilities stemming from long-term unemployment, elevated public debt and low productivity remain. “It is critical to reduce the remaining vulnerabilities ...

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IMF’s Lagarde grilled over ‘punch in the gut’ payout to French tycoon

International Monetary Fund chief Christine Lagarde fought negligence charges in a Paris court on Tuesday, arguing she had approved a 2008 French state payout of 400 million euro (335.05 million pound) to a business tycoon only to end a costly legal battle. Aggressive grilling from the top judge put Lagarde on the defensive during the second day of the trial into her approval as finance minister of the rare out-of-court settlement with Bernard Tapie in a dispute over the sale of a stake in a company. Lagarde, 60, faces up ...

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Greece needs fair, growth-friendly budget, not more austerity – IMF

The International Monetary Fund is against further austerity in Greece and instead is calling for the creation of a modern welfare system financed with cash from a rebalancing of the Greek tax system and far too generous pensions. The head of the European Department Poul Thomsen and chief economist Maury Obstfeld wrote in an article the Fund believed that euro zone insistence on a Greek primary surplus of 3.5 percent in 2018 was wrong and 1.5 percent would be enough. “We warned that this would generate a degree of austerity ...

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