Cash-strapped Pakistan is set to receive a $1.1 billion loan tranche from the IMF to address its economic crisis, with experts emphasizing the necessity for structural reforms to reduce reliance on external financial aid. Islamabad's foreign currency reserves depleted to $3 billion in February 2023, leading to a severe economic crisis. Economists caution that growth is expected to remain slow at around 2 percent amid concerns over repayment of existing loans and rising inflation.
The International Monetary Fund has approved the immediate release of the final $1.1 billion tranche of a $3 billion bailout to Pakistan to help overcome one of the worst economic crises in its history. Pakistan had to reduce subsidies and impose new taxes as part of the bailout conditions. Despite public anger, the IMF commended Pakistan's efforts in restoring economic stability, with moderate growth returning and inflation starting to decline. Pakistan plans to seek a long-term loan of $8 billion from the IMF after the current bailout package ends.
Pakistan and the International Monetary Fund (IMF) have reached a staff-level agreement for the release of $1.1bn from a $3bn bailout package to avert a sovereign default. The funds are the final tranche of a rescue package agreed upon last year, with Pakistan seeking more financial assistance for its struggling economy. The IMF highlighted Pakistan's improved economic position but noted the need for further policy reforms to address economic vulnerabilities. Islamabad is also looking to secure another long-term bailout amidst ongoing financial challenges.
The International Monetary Fund is set to have five-day talks with Pakistan's newly elected government to determine if the country meets conditions for receiving the final $1.1 billion tranche of a $3 billion bailout. Pakistan may seek a new bailout of up to $8 billion. The Finance Ministry stated compliance with IMF conditions for the tranche. Former premier Imran Khan urged an election audit linked to IMF talks, which Sharif's government criticized. Pakistan avoided default on foreign payments last year with the IMF bailout.
Pakistan's Finance Minister announced the plan to issue Panda Bonds worth $300 million to tap the Chinese market, highlighting the strength of China's bond market. The country aims to enhance the volume of these bonds gradually. Additionally, Pakistan intends to seek a long-term loan from the IMF after the current $3 billion bailout package ends, with the focus on stabilizing the economy and reducing inflation rates.
Pakistan has experienced an ongoing economic crisis as part of the 2022 political unrest. It has caused severe economic challenges for months due to which food, gas and oil prices have risen.The Russian invasion of Ukraine has caused fuel prices to rise worldwide. Excessive external borrowings by the country over the years raised the spectre of default, causing the currency to fall and making imports more expensive in relative terms. By June 2022, inflation was at an all time high, along with rising food prices.Poor governance and low productivity per capita in comparison with other low to middle-income developing countries have contributed to a balance of payment crisis, where the country is unable to earn enough foreign exchange to fund the imports that it consumes. Pakistan's economic crisis is the biggest crisis since its independence.
The International Monetary Fund's Managing Director, Kristalina Georgieva, warns that strong economic activity in the United States and emerging markets is projected to drive global growth by about 3% in 2024, below the annual historic average, indicating a potential lackluster performance through the 2020s. Global economic activity remains weak, with debt posing challenges to public finances worldwide, and the scars of the pandemic still evident. The IMF anticipates global growth slightly above last year's projection, with the IMF and World Bank set to discuss pressing economic issues at their upcoming spring meetings in Washington.
The International Monetary Fund forecasts global growth of 3.2% this year and next, with concerns about rising inflation and a split in the global trading system. By 2030, the global economy could be expanding at a historically weak 2.8% rate, impacting living standards and anti-poverty efforts. Despite a better-than-expected outlook for the United States, Europe struggles, and poorer nations fall behind. Central banks may lower interest rates later this year. China's growth may fall short due to a property crisis, while Russia's economy continues to grow. The IMF warns of high U.S. government spending risking inflation and global financial stability.
The International Monetary Fund has increased the global growth forecast for 2024 to 3.2%, with India's growth projection raised to 6.8% due to bullish domestic demand and a rising working-age population. China's growth projection is at 4.6%. Policymakers are advised to focus on economic resilience, with the IMF expecting global growth to remain steady at 3.2% in 2024. Central banks may start cutting interest rates in the second half of the year as global inflation is projected to decline. The US economy is rebounding strongly, while the Euro area is recovering more gradually.
Sri Lanka's economy is recovering, with inflation decreasing from 70% in 2022 to 5.9% last month. The country's year-on-year economic expansion in Q3 2023 was 1.6% and 4.5% in Q4. Following a $83 billion debt crisis, Sri Lanka secured a $2.9 billion IMF bailout package with debt forgiveness from major creditors like India, Japan, and China. President Wickremesinghe restored electricity and eased shortages, but public discontent remains due to high taxes and living costs, leading to reduced buying power and high unemployment.
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 190 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Established on December 27, 1945 at the Bretton Woods Conference, primarily according to the ideas of Harry Dexter White and John Maynard Keynes, it started with 29 member countries and the goal of reconstructing the international monetary system after World War II. It now plays a central role in the management of balance of payments difficulties and international financial crises. Through a quota system, countries contribute funds to a pool from which countries can borrow if they experience balance of payments problems. As of 2016, the fund had SDR 477 billion (about US$667 billion).The IMF works to stabilize and foster the economies of its member countries by its use of the fund, as well as other activities such as gathering and analyzing economic statistics and surveillance of its members' economies. IMF funds come from two major sources: quotas and loans. Quotas, which are pooled funds from member nations, generate most IMF funds. The size of members' quotas increase according to their economic and financial importance in the world. The quotas are increased periodically as a means of boosting the IMF's resources in the form of special drawing rights.The current managing director (MD) and chairwoman of the IMF is Bulgarian economist Kristalina Georgieva, who has held the post since October 1, 2019. Indian-American economist Gita Gopinath, previously the chief economist, was appointed as first deputy managing director, effective January 21, 2022. Pierre-Olivier Gourinchas was appointed chief economist on January 24, 2022.
The IMF has warned that escalation in the Middle East could trigger a new inflation shock. In its latest assessment of the global economy, the international body welcomed the 'remarkable resilience' of the last two years. The report pointed to a broadly improving picture for the UK, although it marginally reduced forecasts for growth this year and next and highlighted the reliance on foreign workers for propping up activity. But the IMF raised concerns that tensions in the Middle East and the Ukraine war risked pushing up food and energy prices again. Chancellor Jeremy Hunt said the UK was 'turning a corner' and performing better than countries such as Germany.
The European Union has unveiled a 7.4 billion-euro aid package for Egypt, upgrading its relationship to a strategic partnership to address migrant flows to Europe. The deal includes grants, loans, and investments over three years, aiming to enhance cooperation and tackle common interests between the EU and Egypt. Egypt's economic challenges have led to increased migration, prompting Europe to seek solutions. While concerns exist over Egypt's instability, recent economic developments including foreign investments and IMF loans have shown positive signs.
The UK's gross domestic product (GDP) is forecasted to expand by just 0.5% in 2024 and 1.5% in 2025, making it the second worst performer in the G7 this year and the third best in 2025. Inflation is expected to remain around 2.5% this year but fall towards the Bank of England's 2% target next year. When analysed per head, GDP shows no growth in 2024 and 1.1% in 2025, reflecting living standards. The IMF warns that the global economy has been resilient, but escalating conflicts in the Middle East could raise food and energy prices, affecting lower-income countries more.
Islamabad (; Urdu: اسلامآباد, romanized: Islāmābād, ; transl. 'City of Islam') is the capital city of the Islamic Republic of Pakistan. It is the country's ninth-most populous city with a population of over 1.2 million people and is federally administered by the Pakistani government as part of the Islamabad Capital Territory. Built as a planned city in the 1960s and established in 1967, it replaced Karachi as Pakistan's official national capital.The Greek architect Constantinos Apostolou Doxiadis developed Islamabad's master plan, in which he divided it into eight zones; administrative, diplomatic enclave, residential areas, educational and industrial sectors, commercial areas, as well as rural and green areas administered by the Islamabad Metropolitan Corporation with support from the Capital Development Authority. Islamabad is known for its parks and forests, including the Margalla Hills National Park and the Shakarparian. It is home to several landmarks, including the country's flagship Faisal Mosque, which is the world's fifth-largest mosque. Other prominent landmarks include the Pakistan Monument and Democracy Square.Rated as Gamma + by the Globalization and World Cities Research Network, Islamabad has the highest cost of living in Pakistan. The city's populace is dominated by both middle and upper-middle class citizens. Islamabad is home to twenty universities, including Bahria University, Quaid-e-Azam University, PIEAS, COMSATS University, and NUST. It is also rated as one of the safest cities in Pakistan and has an expansive RFID-enabled surveillance system with almost 2,000 active CCTV cameras.
Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates. Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency. Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference in the standard of living of its population.Comparisons of national wealth are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different countries. Other metrics, nominal GDP per capita and a corresponding GDP (PPP) per capita are used for comparing national standard of living. On the whole, PPP per capita figures are less spread than nominal GDP per capita figures.The rankings of national economies over time have changed considerably; the United States surpassed the British Empire's output around 1916, which in turn had surpassed the Qing dynasty in aggregate output decades earlier. Since China's transition to a socialist market economy through controlled privatisation and deregulation, the country has seen its ranking increase from ninth in 1978, to second in 2010; China's economic growth accelerated during this period and its share of global nominal GDP surged from 2% in 1980 to 18% in 2021. Among others, India has also experienced an economic boom since the implementation of economic liberalisation in the early 1990s.The first list includes estimates compiled by the International Monetary Fund's World Economic Outlook, the second list shows the World Bank's data, and the third list includes data compiled by the United Nations Statistics Division. The IMF definitive data for the past year and estimates for the current year are published twice a year in April and October. Non-sovereign entities (the world, continents, and some dependent territories) and states with limited international recognition (such as Kosovo and Taiwan) are included in the list where they appear in the sources.
The US economy grew at a slower annualized rate of 1.6% in the first quarter of 2024, lower than expected, while inflation increased by 3.4%. This rise may delay anticipated interest rate cuts by the Federal Reserve. The current key interest rate in the US is between 5.25% to 5.5%, the highest in over 20 years. Economists had expected inflation to fall to the Fed's 2% target, but it remains above. The Australian economy also saw a higher-than-expected inflation rate, which may impact borrowing and the Reserve Bank's interest rate decisions.
Chinese President Xi Jinping and Governor of People's Bank of China, Pan Gongsheng, have emphasized the need for accelerating reforms on quota allocation at the IMF to increase Asia's representation. President Xi also reiterated to Dutch Prime Minister Mark Rutte that attempts to restrict China's access to technology will not impede the country's progress.
The Islamabad Expressway (Urdu: اسلام آباد گزرگاه), sometimes also referred to as Islamabad Highway, is a major north–south expressway in Islamabad, Capital Territory, Pakistan. The expressway provides quick access between the Islamabad and Rawalpindi, Punjab, connecting the national capital with the N-5 National Highway. It stretches from Zero Point Interchange with the Kashmir Highway in Islamabad to Rawat, Islamabad Capital Territory on the N-5 National Highway. The total length of the expressway is 28 kilometers (17 mi), with lanes varying from six to ten.In 2007, the Capital Development Authority proposed to build three new interchanges on the highway at Koral Chowk, Lehtrar Road and Dhok Kala Khan Road to make it signal free. However, expansion work was delayed until 2014. The expansion later included a dedicated bike lane on the highway as well.
The IMF, or International Monetary Fund is an international organization.IMF may also refer to:
The Islamabad Capital Territory (ICT; Urdu: وفاقی دارالحکومت, romanized: Vafāqī Dār-alhakūmat) is the only federal territory of Pakistan and contains Islamabad, the capital of Pakistan. Located on the northern edge of the Pothohar Plateau and at the foot of the Margalla Hills, The ICT shares borders with the province of Khyber Pakhtunkhwa in the west and with the province of Punjab in the remaining directions. It covers an area of 906.5 square kilometres (350 sq mi) and according to the 2023 national census, has a population of over 1 million in the city proper, while over 2 million in the whole territory. The territory is represented in the National Assembly by NA-52, NA-53, and NA-54 constituencies and by four seats in the Senate.
This is an alphabetical list of countries by past and projected gross domestic product (nominal) as ranked by the IMF. Figures are based on official exchange rates, not on the purchasing power parity (PPP) methodology. Values are given in millions of United States dollars (USD) and have not been adjusted for inflation. These figures have been taken from the International Monetary Fund's World Economic Outlook (WEO) Database (October 2023 edition) and/or other sources.For older GDP trends, see List of regions by past GDP (PPP).
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