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CareEdge Ratings Economic Pathway July 2023 Highlights Global: IMF upgrades 2023 global growth outlook to 3% from 2.8% estimated in April. Cooling inflation and the labour market in the US support bets of an end to Fed’s rate hike cycle. US Nonfarm Payrolls rose 209K in June, the smallest increase in over 2 years. US wage growth improved to 4.4% y-o-y in June from 4.3% prior. Weaker-than-expected Q2 GDP growth and flatlining inflation in China raise calls for stimulus.   Domestic Consumption signal...
CareEdge Ratings Economic Pathway July 2023
CareEdge Ratings Economic Pathway July 2023
Source: PR Agency
31/07/2023 8:26:09 PM
IMF bumps up India's 2023 growth projection to 6.1 The International Monetary fund on Tuesday projected that the Indian economy will grow by 6.1 per cent in 2023, which is 0.2 points — 20 basis percentage points — higher than its April forecast. The fund attributed the upwardly revised projection to “stronger domestic investment”. The forecast for 2024 remained unchanged at 6.4 per cent. The fund also said the Chinese recovery from Covid-19 related restrictions and lockdown is "losing steam" after sh...
IMF bumps up India's 2023 growth projection to 6.1
IMF bumps up India's 2023 growth projection to 6.1
Source: IANS
26/07/2023 9:19:42 AM
RBI panel suggests inclusion of rupee in IMF's special drawing rights basket A RBI panel has suggested that in the long run, India will achieve higher level of trade linkages with other countries, as a result of which the rupee is likely to reach a level where it would be widely used, and proposed the currency’s inclusion in International Monetary Fund’s (IMF) Special Drawing Rights (SDR) basket. The panel, whose report on 'Internationalisation of  Rupee' was released on Wednesday, said that in the coming days, “India will achieve hig...
RBI panel suggests inclusion of rupee in IMF's special drawing rights basket
RBI panel suggests inclusion of rupee in IMF's special drawing rights basket
Source: IANS
5/07/2023 8:12:03 PM
Sri Lanka emphasises need for urgent debt restructuring Sri Lankan President Ranil Wickremesinghe has emphasised the urgency of debt restructuring to avoid instability, said a statement from the President's Media Division (PMD). The PMD said on Friday that the President made these remarks while participating in a high-level panel discussion at the Summit for a New Global Financing Pact in Paris on June 22. Pointing out that Sri Lanka faced limited access to financing and took ownership of its debt and economic restructuring programme, Wi...
Sri Lanka emphasises need for urgent debt restructuring
Sri Lanka emphasises need for urgent debt restructuring
Source: IANS
25/06/2023 12:59:40 PM
India to push back against 'agenda-driven' global ranking firms - Narendra Modi advisor India plans to push back against "agenda-driven", "neo-colonial" country rankings produced by global agencies on topics like governance and press freedom, a key advisor to Indian Prime Minister Narendra Modi told Reuters in an interview on Friday. Sanjeev Sanyal, a member of Modi's Economic Advisory Council, said India has begun to raise this issue at global forums. He said the indices were being compiled by a "tiny group of think-tanks in the North Atlantic,&q...
India to push back against 'agenda-driven' global ranking firms - Narendra Modi advisor
India to push back against 'agenda-driven' global ranking firms - Narendra Modi advisor
Source: Reuters
27/05/2023 9:28:53 AM
Exclusive-IMF, others should give $100 billion climate FX guarantee - document A top-level meeting in Paris next month will lay out a $100 billion plan to drive more money into climate and development finance in poorer countries by providing currency guarantees to investors, according to a document seen by Reuters. The plan, which has not previously been reported, was sent to the world's governments ahead of the "Summit for a New Global Financing Pact" in Paris in June by the Bridgetown Initiative spearheaded by Barbados leader Mia Mottley. The idea,...
Exclusive-IMF, others should give $100 billion climate FX guarantee - document
Exclusive-IMF, others should give $100 billion climate FX guarantee - document
Source: Reuters
27/05/2023 9:09:35 AM
Indian-origin Ajay Banga becomes 14th President of World Bank Ajay Banga, an Indian-origin American, was on Wednesday selected as the President of the World Bank by its executive directors for a five-year term starting June 2. "The Board looks forward to working with Mr. Banga," the World Bank Board said in a statement. Banga was the nominee of President Joe Biden of the US, which has chosen every World Bank President in an unwritten agreement with Europe since 1944, according to which Europe gets to select the President of the Internati...
Indian-origin Ajay Banga becomes 14th President of World Bank
Indian-origin Ajay Banga becomes 14th President of World Bank
Source: IANS
4/05/2023 8:56:44 AM
Asia-Pacific region to grow 4.6% in 2023, predominantly driven by buoyant outlook for China, India: IMF The International Monetary Fund (IMF) in its ‘Regional Economic Outlook - Asia and Pacific’ report has stated that growth in the dynamic Asia-Pacific region is likely to increase to 4.6% this year (2023) from the 3.8% recorded in 2022. It added that the region would contribute around 70% of global growth. It noted that Asia and Pacific will be the most dynamic of the world’s major regions in 2023, predominantly driven by the buoyant outlook for China and India, and added tha...
Asia-Pacific region to grow 4.6% in 2023, predominantly driven by buoyant outlook for China, India: IMF
Asia-Pacific region to grow 4.6% in 2023, predominantly driven by buoyant outlook for China, India: IMF
Source: IANS
3/05/2023 9:37:48 AM
Oil extends losses as investors brace for more rate hikes  Oil prices extended losses on Wednesday, after slumping about 5% to a five-week low in the previous session, as investors braced for more rate hikes this week that could dent energy demand. Brent futures fell 13 cents, or 0.2%, to $75.19 a barrel by 0015 GMT, while West Texas Intermediate crude (WTI) also fell 13 cents, or 0.2%, to $71.53. Both benchmarks closed at their lowest since March 24 in the previous session, when they also recorded their biggest one-day percentage decline...
Oil extends losses as investors brace for more rate hikes
Oil extends losses as investors brace for more rate hikes
Source: Reuters
3/05/2023 8:47:43 AM
France`s CPI up 5.9% in April The year-on-year consumer price index (CPI) in France is expected to grow by 5.9 per cent in April, the National Institute of Statistics and Economic Studies (INSEE) said in its preliminary report. After revising up March's CPI to 5.7 per cent, the INSEE said that the inflation growth in April "should result from an acceleration in energy prices and in those of services", reports Xinhua news agency. According to the preliminary report, energy prices are expected to increas...
France`s CPI up 5.9% in April
France`s CPI up 5.9% in April
Source: IANS
29/04/2023 12:24:18 PM
World Bank Chief Economist Gill calls for new approaches to address `debt crisis` World Bank Chief Economist Indermit Gill is calling for new approaches to address the mounting debt crisis facing many countries, including steps to factor domestic borrowing into assessment of a country's debt sustainability. Gill told Reuters the Common Framework set up by the Group of 20 major economies to help the poorest countries had resulted in only glacial progress because it did not account for 61% of developing countries' external debt held by private creditors, a far lar...
World Bank Chief Economist Gill calls for new approaches to address `debt crisis`
World Bank Chief Economist Gill calls for new approaches to address `debt crisis`
Source: Reuters
26/04/2023 8:54:41 AM
Global prospects continue to be uncertain, Indian growth positive: Monthly economic review Global economic prospects continue to be uncertain and the latest developments in the financial markets, especially in the advanced economies, have added to this uncertainty, according to the monthly economic review for March released by the Finance Ministry on Tuesday. In its March 2023 update of the World Economic Outlook (WEO), the IMF has attempted to clear the path of uncertainty. It has projected global growth to decline from 3.4 per cent in 2022 to 2.8 per cent in 2023. "Gro...
Global prospects continue to be uncertain, Indian growth positive: Monthly economic review
Global prospects continue to be uncertain, Indian growth positive: Monthly economic review
Source: IANS
25/04/2023 2:17:42 PM
India says risks weigh on FY24 growth forecast, but macros stable There are risks to India achieving its real growth forecast of 6.5% for the financial year that started April 1, partly due to a rise in oil prices and troubles in the global financial markets, the government said on Tuesday. Earlier this month, the International Monetary Fund (IMF) predicted the Indian economy would grow 5.9% in the 2023-24 financial year, down 0.2% from its January estimate, as it warned that turmoil in the financial system will hurt global growth. "We reiterate ...
India says risks weigh on FY24 growth forecast, but macros stable
India says risks weigh on FY24 growth forecast, but macros stable
Source: Reuters
25/04/2023 12:41:23 PM
Global consensus essential for crypto assets regulation: FM Nirmala Sitharaman Finance Minister Nirmala Sitharaman on Sunday emphasised on the need for global consensus for regulating crypto assets. Addressing a series of events in Bengaluru, she said that any kind of regulation on crypto assets would require every nation's consent, otherwise it would not be effective. Sitharaman added that India under its G20 presidency has kept crypto assets regulation as an agenda item for this year. The IMF has given a paper on crypto-currency and the way it can affect ...
Global consensus essential for crypto assets regulation: FM Nirmala Sitharaman
Global consensus essential for crypto assets regulation: FM Nirmala Sitharaman
Source: IANS
23/04/2023 5:40:05 PM
Ukraine to receive financial assistance from IMF Ukraine will receive a total of $4.5 billion from the International Monetary Fund (IMF) this year as Russia continues its full scale invasion of Kiev, the war-torn country's Finance Ministry said. Ukraine received the first tranche of $2.7 billion earlier this month, and expects to receive two additional tranches totaling $1.8 billion, Xinhua news agency quoted the Ministry as saying. After his meeting with IMF Managing Director Kristalina Georgieva at the Spring Meetings of the IMF...
Ukraine to receive financial assistance from IMF
Ukraine to receive financial assistance from IMF
Source: IANS
16/04/2023 9:56:12 AM
India to chair Commonwealth working group on reform of financial architecture Finance ministers from various Commonwealth countries have called for a systemic reform of the global financial architecture to enhance access to development financing for vulnerable countries. The ministers agreed for India to be the chair and Nigeria to be the deputy chair of the Finance Ministers Working Group for a Commonwealth Call for Reform of the Global Financial Architecture. Their collective call for reform came at the Commonwealth Finance Ministers High-Level Working Group Me...
India to chair Commonwealth working group on reform of financial architecture
India to chair Commonwealth working group on reform of financial architecture
Source: IANS
16/04/2023 9:44:40 AM
Crypto Assets is an issue that requires immediate attention from G20: FM Nirmala Sitharaman Union Finance Minister Nirmala Sitharaman has said that 'Crypto Assets' is an issue that requires immediate attention from the G20 and "our response has to ensure that we do not lose any potential benefits while protecting our economies from harm". Sitharaman made the remarks during a brainstorming session on "Macrofinancial Implications of Crypto Assets" with G20 Finance Ministers and Central Bank Governors at the International Monetary Fund (IMF) headquarters ...
Crypto Assets is an issue that requires immediate attention from G20: FM Nirmala Sitharaman
Crypto Assets is an issue that requires immediate attention from G20: FM Nirmala Sitharaman
Source: IANS
15/04/2023 12:30:13 PM
Recovery prospects for global economy fragile owing to Russia's 'unjustified' war, says ECB chief Lagarde European Central Bank (ECB) chief Christine Lagarde on Friday said that recovery prospects for global economy remain fragile amid continued uncertainty, fuelled by Russia's "unjustified: war against Ukraine, and the possibility that pressures in global energy and food markets may reappear, leading to renewed price spikes and higher inflation. In her statement at the 47th meeting of the International Monetary and Financial Committee (IMFC) in Washington, she said that resilient lab...
Recovery prospects for global economy fragile owing to Russia's 'unjustified' war, says ECB chief Lagarde
Recovery prospects for global economy fragile owing to Russia's 'unjustified' war, says ECB chief Lagarde
Source: IANS
15/04/2023 9:45:01 AM
India projected to grow at 7% in 2022-23, says Finance Minister Nirmala Sitharaman at IMF meet  Finance Minister Nirmala Sitharaman on Friday said that with both the International Monetary Fund (IMF) and the World Bank having projected India as the fastest growing major economy in 2023, it will stay on course and is projected to grow at 7 per cent in 2022-23 as per the government's own economic survey 2022-23. She said this during the plenary meeting of the International Monetary and Financial Committee (IMFC) at the IMF headquarters in Washington. In her intervention, t...
India projected to grow at 7% in 2022-23, says Finance Minister Nirmala Sitharaman at IMF meet
India projected to grow at 7% in 2022-23, says Finance Minister Nirmala Sitharaman at IMF meet
Source: IANS
15/04/2023 8:47:55 AM
G20 Finance Ministers agree to address debt stress, discuss Ukraine and crypto assets G20 Finance Ministers and Central Bank Governors (FMCBG) recognised the urgency to address debt vulnerabilities, including strengthening multilateral coordination toward addressing increasing debt distress in low-income and vulnerable middle-income countries, as well as challenges to the global economy, including Ukraine, during their two-day meeting, which concluded on Thursday in Washington. The members arrived at a consensus that global policy responses to crypto assets are required. ...
G20 Finance Ministers agree to address debt stress, discuss Ukraine and crypto assets
G20 Finance Ministers agree to address debt stress, discuss Ukraine and crypto assets
Source: IANS
14/04/2023 9:35:19 AM
Italy, IMF predict improvement in debt, deficit Italy's debt and deficit levels are falling, according to new data from the Italian government and the International Monetary Fund (IMF). However, the two authorities hold differing views on the rate of change. The Italian government predicted this week that the country's public debt would fall to 142 per cent of its gross domestic product (GDP) this year, reports Xinhua news agency. Next year, it will decrease further to 141.2 per cent, before falling to 140.4 per cent in 2026,...
Italy, IMF predict improvement in debt, deficit
Italy, IMF predict improvement in debt, deficit
Source: IANS
13/04/2023 5:11:59 PM
IMF urges tighter fiscal policy to help tame inflation The IMF has urged fiscal policymakers to adopt tighter fiscal policies to help central banks fight inflation. "Amid high inflation, tightening financing conditions, and elevated debt, policymakers should prioritise keeping fiscal policy consistent with central bank policies to promote price and financial stability," the IMF said on Wednesday in a blog as it released its latest Fiscal Monitor. The report argued that many countries will need a tight fiscal stance to support the ...
IMF urges tighter fiscal policy to help tame inflation
IMF urges tighter fiscal policy to help tame inflation
Source: IANS
13/04/2023 11:39:07 AM
India concerned about global economic outlook, says FM Nirmala Sitharaman Union Finance Minister Nirmala Sitharaman said that despite this year's projected growth rate of over 6 per cent for the Indian economy, it remains concerned about the global economic outlook and geopolitical environment. She made the remarks on Wednesday while attending the Development Committee meeting of the World Bank-IMF Spring Meeting 2023 in Washington D.C. Sitharaman mentioned that the World Bank should continue to work for its vision of a 'World Free of Poverty' and...
India concerned about global economic outlook, says FM Nirmala Sitharaman
India concerned about global economic outlook, says FM Nirmala Sitharaman
Source: IANS
13/04/2023 9:37:22 AM
Sovereign debtors, creditors agree on steps to jumpstart debt restructurings Global creditors, debtor nations and international financial institutions on Wednesday agreed ways to jumpstart and streamline long-stalled debt restructuring efforts, including through improved data sharing and clearer timetables. The World Bank, International Monetary Fund and India, current president of the Group of 20 (G20) major economies, issued a joint statement after the first full-fledged meeting of the new Global Sovereign Debt Roundtable, held during the spring meetings of the I...
Sovereign debtors, creditors agree on steps to jumpstart debt restructurings
Sovereign debtors, creditors agree on steps to jumpstart debt restructurings
Source: Reuters
13/04/2023 9:01:13 AM
FM Nirmala Sitharaman meets IMF`s Gita Gopinath, discusses downside risks to economy Union Finance minister Nirmala Sitharaman met IMF Deputy Managing Director Gita Gopinath in Washington D.C., during which she noted the monetary body's concerns on key downside risks to the economy including financial sector stress, inflation and geo-political fragmentation as well as faltering growth in China. The meeting took place on Tuesday on the sidelines of the IMF-World Bank Spring Meetings. According to the Finance Ministry, Sitharaman congratulated Gopinath for acceleratin...
FM Nirmala Sitharaman meets IMF`s Gita Gopinath, discusses downside risks to economy
FM Nirmala Sitharaman meets IMF`s Gita Gopinath, discusses downside risks to economy
Source: IANS
12/04/2023 10:35:05 AM
India committed to reforms agenda, has investment opportunities: FM Nirmala Sitharaman Union Finance Minister Nirmala Sitharaman has reiterated that the India is committed to pursuing the reform agenda for building a stronger and more dynamic country, to provide plenty of opportunities for collaboration and investments. Participating in a roundtable meeting on "Investing in the India Decade" organised by industry body FICCI and US India Strategic Partnership Forum in Washington D.C. on the sidelines of Spring meetings of the IMF and World Bank, Sitharaman on Tuesda...
India committed to reforms agenda, has investment opportunities: FM Nirmala Sitharaman
India committed to reforms agenda, has investment opportunities: FM Nirmala Sitharaman
Source: IANS
12/04/2023 10:30:28 AM
IMF lowers India`s economic growth projection to 5.9% for FY24 TheInternational Monetary Fund (IMF) in its annual World Economic Outlook haslowered India's economic growth projection to 5.9 per cent for the currentfiscal 2023-24 (FY24) from 6.1 per cent predicted earlier. It also lowered theforecast for 2024-25 fiscal (April 2024 to March 2025) to 6.3 per cent from the6.8 per cent it had predicted in January this year. The growth rate of 5.9 percent in the 2023-24 fiscal compares to an estimated 6.8 per cent in theprevious year. Despite a significant...
IMF lowers India`s economic growth projection to 5.9% for FY24
IMF lowers India`s economic growth projection to 5.9% for FY24
Source: Accord Fintech
12/04/2023 9:44:55 AM
IMF estimates Ukrain`s economy to contract by 3% this year The International Monetary Fund (IMF) projected that Ukraine's economy will fall by 3 per cent this year compared with a 30.3 per cent contraction in 2022. Inflation in Ukraine will slightly go up, with consumer prices rising to 21.1 per cent this year compared with 20.2 per cent in 2022, Ukrinform news agency reported on Tuesday, citing a newly released World Economic Outlook (WEO) report of the IMF. At the same time, the unemployment rate will shrink to 20.9 per cent in 2023 from ...
IMF estimates Ukrain`s economy to contract by 3% this year
IMF estimates Ukrain`s economy to contract by 3% this year
Source: IANS
12/04/2023 8:55:19 AM
Asian stocks subdued ahead of US inflation data, Fed minutes Asian equities inched lower on Wednesday ahead of a crucial U.S. inflation report that will likely influence the Federal Reserve's monetary policy path, with markets wagering another hike in interest rates at the central bank's next meeting. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.17% lower in choppy trading. Japan's Nikkei was 0.49% higher, while Australia's S&P/ASX 200 index rose 0.65%. China shares were mixed at the open, with the Shan...
Asian stocks subdued ahead of US inflation data, Fed minutes
Asian stocks subdued ahead of US inflation data, Fed minutes
Source: Reuters
12/04/2023 8:41:25 AM
Interest rates likely to fall to pre-Covid levels in advanced economies, IMF says Interest rates in major economies are expected to fall to pre-pandemic levels because of low productivity and ageing populations, according to a forecast, BBC reported. The International Monetary Fund (IMF) said increases in borrowing costs are likely to be "temporary" once high inflation is brought under control. The Bank of England has been raising interest rates since December 2021, taking them from 0.1 per cent to 4.25 per cent. This has raised mortgage payments for man...
Interest rates likely to fall to pre-Covid levels in advanced economies, IMF says
Interest rates likely to fall to pre-Covid levels in advanced economies, IMF says
Source: IANS
11/04/2023 2:53:39 PM
India, China to account for half of global economic growth in 2023: IMF chief International Monetary Fund (IMF) chief Kristalina Georgieva has said that the global economy is estimated to grow less than 3 per cent in 2023, with India and China expected to account for half of global growth during the year. Georgieva stated global growth is expected to remain around 3 per cent over the next five years -- its lowest medium-term growth forecast since 1990, and well below the average of 3.8 per cent from the past two decades. She said Asia is in a bright spot. She mentio...
India, China to account for half of global economic growth in 2023: IMF chief
India, China to account for half of global economic growth in 2023: IMF chief
Source: Accord Fintech
10/04/2023 10:32:06 AM
FM Nirmala Sitharaman to embark on US tour from April 10; to attend World Bank Group, IMF meets Finance Minister Nirmala Sitharaman will embark on an official visit to the US from April 10, where she will be attending the 2023 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF). She will also be attending the G20 meetings and other associated meetings, which are scheduled to take place from April 10 to April 16. The meetings will take place in the WBG and IMF headquarters in Washington DC. The Spring Meetings will be attended by finance minis...
FM Nirmala Sitharaman to embark on US tour from April 10; to attend World Bank Group, IMF meets
FM Nirmala Sitharaman to embark on US tour from April 10; to attend World Bank Group, IMF meets
Source: IANS
9/04/2023 8:46:45 AM
Global economy heading for weakest period of growth since 1990: IMF chief The global economy is heading for the weakest period of growth since 1990 as higher interest rates set by the world's top central banks drive up borrowing costs for households and businesses, the head of the International Monetary Fund has warned, a media outlet reported. Kristalina Georgieva, the IMF's managing director, said that a sharp slowdown in the world economy last year after the aftershocks of the Covid pandemic and the Russian invasion of Ukraine would continue in 2023, ...
Global economy heading for weakest period of growth since 1990: IMF chief
Global economy heading for weakest period of growth since 1990: IMF chief
Source: IANS
6/04/2023 8:09:06 PM
Global financial stability at risk from banking turmoil: IMF chief  International Monetary Fund (IMF) chief Kristalina Georgieva has warned that the global economy faces risks to its financial stability because of the turbulence in the banking sector. Georgieva said rising interest rates had put pressure on debts, leading to "stresses" in leading economies, including among lenders, the Guardian reported. She said the world economy would expand by just 3 per cent in this year as rising borrowing costs, combined with the war in Ukraine and...
Global financial stability at risk from banking turmoil: IMF chief
Global financial stability at risk from banking turmoil: IMF chief
Source: IANS
27/03/2023 12:24:00 PM
Spanish GDP grows by 5.5% in 2022 Spain's gross domestic product (GDP) grew by 5.5 per cent in 2022, surpassing an earlier expectation of 4.4 per cent by the government, according to official data. The data published on Friday by the Spanish Statistical Office (INE) also revealed that this figure has put to shame even more optimistic forecasts, such as the 4.7 per cent expected for 2022 by the Organization of Economic Cooperation and Development (OECD), and the 5.2 per cent forecast by the International Monetary Fund (...
Spanish GDP grows by 5.5% in 2022
Spanish GDP grows by 5.5% in 2022
Source: IANS
25/03/2023 12:30:32 PM
Global uncertainty rising, need to maintain `margins of safety`: V Anantha Nageswaran Chief Economic Advisor V Anantha Nageswaran has said the global uncertainty has been rising after the recent developments in the United States and governments, businesses and individuals should keep 'margins of safety' in fiscal, corporate and savings account planning. Nageswaran said the global growth estimates of the International Monetary Fund (IMF) given in January looks outdated and countries will have to watch what the developments in the US over the last week would do to c...
Global uncertainty rising, need to maintain `margins of safety`: V Anantha Nageswaran
Global uncertainty rising, need to maintain `margins of safety`: V Anantha Nageswaran
Source: Accord Fintech
17/03/2023 10:32:18 AM
Government taking steps to make India $5 trillion economy at an early date: Pankaj Chaudhary The Minister of State for Finance Pankaj Chaudhary has said that the government is taking steps to make India a $5 trillion economy at an early date. Earlier, the IMF's World Economic Outlook said the size of the Indian economy will increase from $3.2 trillion in 2021-22 to $3.5 trillion in 2022-23 and cross $5 trillion in 2026-27. Observing that the outbreak of the COVID pandemic in 2020 and the Russia-Ukraine conflict in 2022 has impacted the world output, increased inflation in several...
Government taking steps to make India $5 trillion economy at an early date: Pankaj Chaudhary
Government taking steps to make India $5 trillion economy at an early date: Pankaj Chaudhary
Source: Accord Fintech
15/03/2023 9:44:12 AM
Colombo stock market at 5-month high as investor sentiment becomes more optimistic The Colombo Stock Exchange (CSE) rose to a five-month high on Tuesday as local investor sentiment became more optimistic following positive news on the International Monetary Fund (IMF) bailout expected and the rupee strengthening, Sri Lankan media reported on Wednesday. The CSE data showed the All Share Price Index (ASPI) increased by 198 points and crossed the 9,500-point level to close at 9,643 points. It last crossed the level five months ago, Xinhua news agency reported. The Standa...
Colombo stock market at 5-month high as investor sentiment becomes more optimistic
Colombo stock market at 5-month high as investor sentiment becomes more optimistic
Source: IANS
9/03/2023 11:18:44 AM
Sri Lanka`s central bank ready to adopt IMF programme within March The Central Bank of Sri Lanka (CBSL) has said that it was ready to adopt the IMF programme within March 2023. CBSL Governor Nandalal Weerasinghe told a press conference on Friday that the CBSL and the IMF have been engaging continuously in intensive negotiations on the monetary policy stance amid extraordinarily high inflation and a high degree of uncertainty surrounding inflation projections and the near term outlook. There have been some differences between the CBSL and IMF staff on t...
Sri Lanka`s central bank ready to adopt IMF programme within March
Sri Lanka`s central bank ready to adopt IMF programme within March
Source: IANS
4/03/2023 10:22:30 AM
First G20 Anti-corruption Working Group Meet concludes The first meeting of the G20 Anti-corruption Working Group (ACWG) that began on March 1, concluded on Friday with a call for strengthening law enforcement cooperation for action against corruption and related economic crimes. Rahul Singh, Additional Secretary, DoPT & Chair, G20 ACWG said that over the past three days, there have been intensive and productive deliberations on several key focal areas pertaining to asset recovery, fugitive economic offenders, formal and informal channels ...
First G20 Anti-corruption Working Group Meet concludes
First G20 Anti-corruption Working Group Meet concludes
Source: IANS
4/03/2023 9:56:32 AM
Indian economy to grow at 7% despite global headwinds, says monthly economic review Despite the global economy operating under an extremely challenging macroeconomic environment like the geopolitical tensions in Europe, spiralling energy, food and fertiliser prices, monetary tightening and inflationary trends having elevated the downside risks to the global economic outlook, the Indian economy is estimated to grow by 7 per cent year-on-year in the current fiscal. The monthly economic review for January 2023 released by the finance ministry on Thursday, said that the measu...
Indian economy to grow at 7% despite global headwinds, says monthly economic review
Indian economy to grow at 7% despite global headwinds, says monthly economic review
Source: IANS
23/02/2023 2:56:38 PM
India has had huge quantum jump in global benchmarks: Jitendra Singh Union Minister Jitendra Singh has said that India has had a huge quantum jump in the global benchmarks with India being the fastest growing economy in the world having overtaken United Kingdom, jumping forty steps up in the global innovation index, ranking third in the Startup ecosystem having more than 90,000 Start-Ups from 250 in 2014 with 100 unicorns. Singh further said ‘the per capita income has also doubled under the present government from last eight years with manifold increa...
India has had huge quantum jump in global benchmarks: Jitendra Singh
India has had huge quantum jump in global benchmarks: Jitendra Singh
Source: Accord Fintech
20/02/2023 2:07:14 PM
Debt in focus as G20 finance chiefs meet in India  G20 finance and central bank chiefs meet in India next week at the first-year anniversary of Russia's invasion of Ukraine to discuss rising debt troubles among developing countries, the regulation of cryptocurrencies and the global slowdown. The Feb. 22-25 meeting in the Nandi Hills summer retreat near Bengaluru is the first major event of India's G20 presidency and will be followed by a March 1-2 meeting of foreign ministers in New Delhi. As global borrowing costs rise, I...
Debt in focus as G20 finance chiefs meet in India
Debt in focus as G20 finance chiefs meet in India
Source: Reuters
16/02/2023 9:03:55 AM
Exclusive-G20 host India to propose China, other creditors take haircuts on loans  India is drafting a proposal for G20 countries to help debtor nations badly hit by the economic fallout from the pandemic and Ukraine war, by asking lenders including China, the world's largest sovereign creditor, to take a large haircut on loans. Two Indian government sources told Reuters of the proposal as finance ministers and central bank chiefs from the Group of 20 prepared to meet in Bengaluru next week. The gathering will be the first major event of India's one-year pr...
Exclusive-G20 host India to propose China, other creditors take haircuts on loans
Exclusive-G20 host India to propose China, other creditors take haircuts on loans
Source: Reuters
15/02/2023 2:43:52 PM
Finance Minister Nirmala Sitharaman holds virtual meeting with IMF chief During a virtual meeting with IMF chief Kristalina Georgieva, Union Finance Minister Nirmala Sitharaman on Thursday said that debt discussions will be at the forefront during the forthcoming meeting of the G20 Finance Ministers Central Bank Governors (FMCBGs) slated to be held in Bengaluru later this month. India will continue to support the ongoing efforts for orderly and timely implementation of the common framework, the Minister said during the meeting. Along with addressing debt vul...
Finance Minister Nirmala Sitharaman holds virtual meeting with IMF chief
Finance Minister Nirmala Sitharaman holds virtual meeting with IMF chief
Source: Accord Fintech
9/02/2023 12:16:01 PM
Price and supply volatility: Addressing global energy security needs Prime Minister Narendra Modi inaugurated the India Energy Week (IEW) 2023 on Monday. Participants from different countries gathered to discuss the most pressing issues in the energy market. Rosneft Chief Executive Officer Igor Sechin also visited IEW 2023 and participated in a ministerial session. The topics discussed at the session were price and supply volatility, and energy cooperation between Russia and India. According to the IMF's recent estimates, India and its neighbours wil...
Price and supply volatility: Addressing global energy security needs
Price and supply volatility: Addressing global energy security needs
Source: IANS
7/02/2023 9:31:45 AM
Budget 2023-24: A manifesto for sustainable development, fiscal prudence and industrial revolution 4.0 Provisions of India's Budget for FY 2023-24 show the country's firm resolve to play the role of engine of growth for the sagging global economy. This is why India was earlier described by multilateral agencies as a bright spot amid global economic uncertainty and looming recession and Russia-Ukraine War further hurting the prospects of post pandemic economic recovery. The International Monetary Fund's (IMF) January 2023 World Economic Outlook Update projected a decline in globa...
Budget 2023-24: A manifesto for sustainable development, fiscal prudence and industrial revolution 4.0
Budget 2023-24: A manifesto for sustainable development, fiscal prudence and industrial revolution 4.0
Source: IANS
5/02/2023 8:52:35 AM
Slowing global demand weighing on India`s merchandise exports: Economic Survey Slowing global demand is weighing on India's merchandise exports, noted the Economic Survey 2022-23 presented by Finance Minister Nirmala Sitharaman on Tuesday. The empirical literature documents that global growth exerts a strong statistically and economically significant impact on India's real exports, though the impact has reduced over the years. Global growth is forecast to slow down in 2022 and 2023 as per IMF estimates. This is the weakest growth profile since 2001 except ...
Slowing global demand weighing on India`s merchandise exports: Economic Survey
Slowing global demand weighing on India`s merchandise exports: Economic Survey
Source: IANS
1/02/2023 8:44:08 AM