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International Monetary Fund

IMF to launch new form of aid — with no money

WASHINGTON: The International Monetary Fund announced on Wednesday it will launch a new tool to support governments in financial trouble -- but one that involves no money -- formalizing a step it took last week for Greece. Instead of providing cheap loans to member countries, the new IMF tool will serve as a good housekeeping seal of approval for a government's reform program. With that approval in hand governments would be more likely to be able to access other forms of financing from banks and bond markets, the IMF…

Pakistan’s trade deficit widens to historic high

ISLAMABAD: The trade deficit of the country has widened to a historic level in first nine months of the current fiscal year (FY2016-17) by showing enormous increment in the country’s imports and reduction in its exports, ARY News reported. The country’s trade imbalance has reportedly surged to $23.4 billion during July to March (FY2016-17) from $16.8 billion of the corresponding period of last fiscal year (FY2015-16), showing an increase of 38.8 percent. In light of Pakistan Bureau of Statistics (PBS)'s data, the…

Letter bomb at IMF’s Paris office injures employee

PARIS: A female employee of the International Monetary Fund was injured in the face and arms on Thursday when a letter bomb posted to the world lender's Paris office blew up as she opened it, police said. The explosion was caused by a homemade device, said the head of the French capital's police force. "It was something that was fairly homemade," police chief Michel Cadot told reporters. Cadot said there had been some recent telephone threats but it was not clear if these were linked to the incident at the IMF's…

Pakistan’s economy progressing despite recent surge in terrorism: US magazine

ISLAMABAD: An American magazine has stated that Pakistan's economy is on progressing trajectory despite the surge in terrorist attacks in the country, ARY News reported on Wednesday. An opinion peace published in Washington Post mentioned that stock market in Pakistan is performing well whereas International Monetary Fund (IMF) has constantly lauded the economic performance of the country. The article said that World Bank has predicted Pakistan's economy will grow by 5.2 percent in the ongoing fiscal year. According…

Sri Lanka says it secures $1.34 bn World Bank loan

COLOMBO: Sri Lanka has secured $1.34 billion in loans from the World Bank to boost the cash-strapped island's economy over the next three years, the finance ministry said Saturday. The loans would be at concessionary rates and repayments spread out over 15 years, the ministry said in a statement. "This is a great victory for us and it will help us in the fiscal consolidation programme that the new government has started," Finance Minister Ravi Karunanayake said. There was no immediate comment from the World Bank.…

Qatar to spend $13bn on ‘mega projects’ in 2017

DOHA: Qatar will invest up to $13 billion in major infrastructure projects next year despite a slump in revenues resulting from low energy prices, the Gulf state's finance minister said on Tuesday. Ali Shareef al-Emadi predicted growth of 3.4 percent in 2017, in line with an International Monetary Fund estimate and up from a projected 3.2 percent this year. "Increasing the investment in mega projects reiterates the country's commitment to achieving its goals," Emadi told delegates at a Euromoney conference in Doha.…

IMF chief lauds PM Nawaz on completing economic reform programme

ISLAMABAD: Managing Director International Monetary Fund (IMF) Christine Lagarde congratulated Prime Minister Nawaz on the completion of country’s IMF-supported economic reform programme. “Pakistan has achieved a great deal over the past three years, and I congratulate you and your colleagues on the completion of your IMF-supported economic reform programme which helped restore macroeconomic stability and strengthen economy’s resilience,” MD IMF said in a letter addressed to Prime Minister Sharif. Christine Lagarde,…