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G20 backs IMF chief’s new trust to reach broader range of countries in need

IMF chief Kristalina Georgieva on Wednesday won the endorsement of the Group of 20 major economies for a new trust that will allow rich IMF members to donate their share of newly created emergency reserves to a broader range of countries in need. G20 finance officials backed the new Resilience and Sustainability Trust (RST) in their communique here, and called on the International Monetary Fund and World Bank to “collaborate closely” to develop and implement financing under the new trust. Treasury Secretary Janet Yellen also backed efforts to channel the ...

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IMF: ‘Great financing divide’ between rich, poor nations slows recovery

Economic growth in poorer countries will likely lag pre-pandemic expectations for years, given gaps in vaccination rates, revenue growth and the ability to borrow, the International Monetary Fund said in its Fiscal Monitor report released on Wednesday. Global debt levels increased to a record $226 trillion in 2020, a $27 trillion jump in just one year that far exceeds the $20 trillion cumulative gain seen over the two years during the global financial crisis of 2008 and 2009, the report showed. About 90% of that increase came from advanced economies, ...

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IMF: China’s 2021 growth moderates to 8% as pandemic weakens global recovery momentum

The International Monetary Fund has projected the world economy will grow at 5.9 percent this year, while China’s growth will moderate to 8 percent, both 0.1 percentage point lower than the IMF’s July estimates, as global recovery continues amid increasing uncertainty from the pandemic. “The downward revision for 2021 reflects a downgrade for advanced economies — in part due to supply disruptions — and for low-income developing countries, largely due to worsening pandemic dynamics,” the IMF said in its quarterly World Economic Outlook released on Tuesday. Fueled by the highly ...

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IMF keeps its India economic growth projection for FY22 unchanged at 9.5%

The International Monetary Fund (IMF) has retained its projection for India’s economic growth in the current financial year at 9.5 per cent, even as it has moderately scaled down its forecast for the world economy during 2021 by 10 basis points to 5.9 per cent in view of worsening Covid dynamics and supply disruptions. In its World Economic Outlook (WEO), the IMF has maintained India’s gross domestic product (GDP) estimates for next financial year at 8.5 per cent, unchanged from its July projections. The WEO, titled ‘Recovery During a Pandemic ...

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OECD monthly unemployment rate fell slightly to 6.0% in August 2021

The OECD area monthly unemployment rate fell for the fourth consecutive month, albeit slightly, in August 2021, to 6.0% (from 6.1% in July). While the rate remains 0.7 percentage point above the pre-pandemic rate as at February 2020[1], this latest update represents a continuation of the downward trend since the peak of 8.8% in April 2020, with the exception of April 2021. However, some care is needed in interpreting the fall in the OECD area unemployment rate when compared with the April 2020 peak, as it largely reflects the return ...

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IMF boss has new reason to push ambitious agenda

International Monetary Fund boss Kristalina Georgieva has ridden out data-rigging allegations. Now she has got a lot to prove. Keeping the job isn’t enough for any ambitious leader with an eye on legacy. The IMF’s executive board late on Monday expressed its confidence in the Bulgarian economist after a multi-meeting review of allegations that she pressured World Bank staff, when she worked there, to alter data to favour China. Georgieva welcomed the endorsement. The most pressing challenge is to restore trust. The IMF doles out specific policy advice to countries ...

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IMF takes data integrity ‘incredibly seriously’ – chief economist Gopinath

The International Monetary Fund takes data integrity “incredibly seriously” and has a robust system in place to ensure the credibility of its data and forecasts, but is always looking for ways to improve, chief economist Gita Gopinath said on Tuesday. Gopinath noted that the IMF board on Monday expressed full confidence in IMF Managing Director Kristalina Georgieva and the IMF’s analytical work, following its review of claims that Georgieva pressured World Bank staff to change data to benefit China. The U.S. Treasury called for proactive steps from the IMF to ...

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IMF: A Hobbled Recovery Along Entrenched Fault Lines

The global recovery continues amid increasing uncertainty, more complex policy trade-offs. The global recovery continues but momentum has weakened, hobbled by the pandemic. Fueled by the highly transmissible Delta variant, the recorded global COVID-19 death toll has risen close to 5 million and health risks abound, holding back a full return to normalcy. Pandemic outbreaks in critical links of global supply chains have resulted in longer than expected supply disruptions, feeding inflation in many countries. Overall, risks to economic prospects have increased and policy trade-offs have become more complex. Compared ...

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OECD: CLIs continue to point to a moderating pace of expansion in economic activity

The pace of expansion in economic activity in the OECD area as a whole looks set to continue to moderate after the post-pandemic rebound, according to the latest OECD Composite Leading Indicators. The CLIs continue to anticipate a moderating pace of expansion at above trend level in Canada, the euro area as a whole and the United Kingdom, as reported last month. Similar indications have now emerged in the United States and Japan. In France, the CLI expects real GDP levels to remain below the long-term trend and also suggests ...

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Coordinated action needed to halt spread of fragile states

Coordinated action is needed to arrest and begin to reverse the expanding numbers of fragile states, International Monetary Fund Managing Director Kristalina Georgieva said. Georgieva told a panel at the fall meetings of the IMF and World Bank the COVID-19 pandemic had exacerbated problems in states that were already more vulnerable to problems such as extreme poverty, droughts, rising food prices and, in some cases, war. “We have to have the humbleness to recognize that the universe of fragile states has been expanding, and unless we commit to bring all ...

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IMF board backs Georgieva after review of data-rigging claims

The International Monetary Fund’s executive board on Monday expressed its full confidence in Managing Director Kristalina Georgieva after reviewing allegations that she pressured World Bank staff to alter data to favor China. But Treasury Secretary Janet Yellen put Georgieva on notice that she would closely monitor the IMF’s follow-up and evaluate any new facts or findings, and called for proactive steps to reinforce data integrity and credibility at the IMF. The Fund’s 24-member board and Treasury issued separate lengthy statements after a week of marathon meetings over Georgieva’s actions as ...

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IMF to issue downbeat outlook as spectre of stagflation looms

Weaker global growth, vaccine protectionism and the spectre of 1970s-style inflation haunting large economies. As the International Monetary Fund prepares for its annual gathering this week, the contrast with the spring could not be more stark. Back in April, at the Washington-based fund’s last virtual bash, there were sharp upgrades for global growth amid a sense of optimism for the road ahead, led by stronger-than-expected recoveries in the US, UK and other advanced economies. Vaccines would pave the way for the swift unlocking of pandemic restrictions, fuelling a rapid recovery ...

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Georgieva’s future at helm of IMF still unclear after marathon board meeting

The International Monetary Fund’s executive board ended a five-hour meeting about the future of Managing Director Kristalina Georgieva without a decision on Friday, saying it would seek more information about claims she pressured World Bank staff to alter data to benefit China in her previous role. The IMF said the board had made “significant progress” in its review of the World Bank data-rigging scandal, but agreed to request “more clarifying details with a view to very soon concluding its consideration of the matter.” It was not immediately clear if the ...

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OECD Ministerial Council Statement and Outcomes

OECD Ministers have issued a joint statement at the conclusion of this week’s Council meeting at Ministerial level. Under the chairmanship of the United States, with Korea and Luxembourg as vice-chairs, Members met for discussions around the theme “Shared Values: Building a Green and Inclusive Future”. The Ministerial Council Meeting (MCM) is the OECD’s highest-level forum, attended by ministers of finance, economy, foreign affairs, trade and other government departments from the Organisation’s Member and Partner countries, as well as by representatives of other International Organisations. During the two-day meeting, Ministers ...

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IMF urges governments to make fiscal plans to tame pandemic debt

Governments should start planning a return to more sustainable budgets with policies that win the trust of investors, after unprecedented fiscal stimulus to fight the COVID-19 pandemic, the International Monetary Fund said on Thursday. But each country must determine the appropriate timing and pace of fiscal consolidation based on its own individual circumstances, the IMF said in its Fiscal Monitor report. The fiscal plans needed to consider the stage of the pandemic, existing fiscal vulnerabilities, the risk of economic scarring, pressures from aging populations, development needs and historical difficulties in ...

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