International Monetary Fund Stories
Greek debt restructuring 'inevitable'
The Greek government submitted a revised 2011 budget to the Parliament on Thursday, pledging to prune deficit to 7.4 percent of the gross domestic product (GDP), ensuring substantial bailout fund will flow without hiccups from the IMF and the ECB.However, desperate measures to squeeze through the tough austerity net might still not keep the threat of an eventual debt restructuring out of the door, analysts have said.
China's yuan not 'free enough' to be part of SDR - IMF
A day after cutting the weighting of US dollar and yen in the SDR, the International Monetary Fund (IMF) said it did not include China's yuan in the basket as the currency does not meet the freely usable criteria.
Ireland inching closer to bailout package
Ireland is “inching closer” to some kind of bailout package from the European Union (EU) and International Monetary Fund (IMF), according to Jan Randolph, director of sovereign risk at HIS Global Insight in London.
Europe working on a bailout for Ireland
European officials are working on a bailout for Ireland that could reach 100 billion euros.
US dollar slides on weaker-than-expected CPI
The US dollar dropped against its major counterparts on Wednesday after data showed October consumer price inflation was slower than expected with housing starts data for the same month also coming in at a weaker-than-expected level.
Next tranche of Greek bailout fund delayed till January
The next tranche of aid for Greece will be delayed until January, after the data from the country is released, according to Austrian finance minister.
Why doesn't Ireland want a bailout?
Ireland is open to talks with the European Union and the International Monetary Fund (IMF) over a bailout program for its failed banks, EU Economics and Monetary Affairs Commissioner Olli Rehn said after a Tuesday night meeting of eurozone finance ministers and officials in Brussels.
Low-income nations weathered global financial crisis relatively well: IMF
The world’s low-income countries coped much better during the global financial crisis than in past global downturns, according to a new study from the International Monetary Fund (IMF).
EU won’t survive if debt crisis worsens: Von Rompuy
The European Union (EU) cannot survive if it fails to solve the debt crisis plaguing the continent, warned EU president Herman Van Rompuy.
Greece deficit plan under scanner; Ireland talks down crisis
Debt-stricken Greece announced on Monday its budget deficit will contract to 9.4 percent of the GDP this year and said the country has been able to manage a much greater pruning of its deficit than initially calculated, immediately after the European Union Statistical agency revised upwards the country's 2009 deficit to 15. 4 percent.
India's forex reserves up $2.25 bln to $300 bln as on Nov 5
India's foreign exchange reserves were up $2.25 billion to $300.21 billion as on November 5, 2010, from $297.96 billion in the previous week, according to the weekly statistical supplement of the Reserve Bank of India on Friday.
Monetary reforms are coming, Sarkozy says
France and the International Monetary Fund will work together to develop criteria for the establishment of an international monetary mechanism to establish equity among currencies, and will have something tangible to present to the G-20 nations, and the rest of the world, next year, said French President Nicolas Sarkozy, in a press briefing at the close of the Seoul G-20 Summit.
Brazil: Developing Countries Got More Say, China Went Along
Brazilian Finance Minister Guido Mantega touted the voice developing nations had in the G20 process and getting the Chinese delegation to change its mind. But he was hit with tough questions about the G20 process and whether it made any real difference to the world economy.
G20 declares currency war over but challenges remain
The leaders of the G20 countries completed their summit in Seoul, South Korea with an agreement to push for “market-determined” currency exchange rates, to enhance exchange rate flexibility, and to establish a timetable to lay out “indicative guidelines” for global economies to confront trade imbalances by the first half of next year.
India's gold demand likely to recover to pre-crisis level: WGC
Indian gold demand is likely to recover near to its pre-credit crunch level following the fall in demand in 2009, said World Gold Council (WGC) on Friday in a report titled India: Hear of Gold.
G20 Seoul summit agenda
The global currency war will likely dominate discussions at the G20 Seoul summit. Other issues on the agenda include global financial regulation, development gaps, and dealing with disruptive capital inflow and outflows.
Pressure piles on Greece to harden fiscal measures
Greece's budget problems are far from over, as its deficit is likely to have narrowed much less sharply than the Government had predicted, Capital Economics said in a note. Greece will now come under heavy pressure to implement an even more draconian fiscal squeeze, Ben May, a European economist with Capital Economics, said.
UK PM praises Korea’s advanced economy; outlines G20 themes
At the closing plenary session of the G20 business summit in Seoul, South Korea, David Cameron, the British Prime Minister, praised the host country’s miraculous economic advances and also highlighted some major themes underlying the purpose of the G20.
IMF urges stimulus to help dire job market
The world's rich countries need to extend initiatives to boost spending and support employment to fix a dire labor market that could threaten entire societies, the International Monetary Fund said on Monday.
In jobs push, IMF reveals a gentler face
The IMF's latest push for more spending on job creation and care for the poorest in society shows it is more than just a tough-love provider of economic aid in return for austerity measures, its boss said on Monday.
Hungary PM: IMF is lender, but not economic policy setter
Hungary's Prime Minister Viktor Orban said on Monday that it was in the country's interest to reach loan agreements with the IMF if necessary -- but not to have the Fund shaping its economic policy.
Hungary PM says IMF is lender, but not economic policy guide
It is in Hungary's interest to sign loan agreements with the IMF if necessary but it is not in the country's interest to have economic policy agreements with the Fund, Prime Minister Viktor Orban said on Monday.
EU's $580 billion safety fund up and running
A European Union financial stability fund with the potential to raise up to 440 billion euros ($580 billion) to help EU countries weather debt problems is now fully operational, officials said on Friday.
EU's $581 billion safety fund up and running
A European Union financial stability fund with the potential to raise up to 440 billion euros ($580.7 billion) to help countries weather debt problems is now fully operational, officials said on Friday.
Greece passes key EU/IMF test but long road ahead
International inspectors on Thursday applauded Greece's efforts to exit its debt crisis, endorsing a fresh 9 billion euro payment from an EU/IMF bailout scheme, but urged reforms in energy, banking and the public sector.
Italy, Greece to lift gold prices
Once again Europe has come to the rescue of gold, which has been witnessing a steady slide during the past few weeks. With Italy and Greece plunging into crisis again, the uncertainty looming over Europe has added to the fear among investors and gold prices are set to cash in on this panic with more demand from safe haven buying.
China yuan 'substantially undervalued'-IMF official
International Monetary Fund staff believe the yuan is substantially undervalued based on expectations that China's current account surplus will increase as the global economic recovery gains strength, a senior IMF official said on Wednesday.
IMF drops substantially undervalued yuan tag
Several directors of the International Monetary Fund's Executive Board believe the yuan is undervalued, but an annual report on China made no mention of the exchange rate being substantially below value.
Gold awaits Greece result
The global bullion market is now looking at Greece for a further boost to lift its spirit as officials from the International Monetary Fund (IMF) conduct a fiscal checkup required before the country gets its second loan instalment in mid-September.
Ratings agencies threaten Hungary with downgrade
Two top ratings agencies said on Friday they might downgrade Hungary's sovereign debt after its prime minister snubbed the IMF and rejected austerity measures in favor of a pro-growth policy to woo voters.