India takes leading role in calling for multilateral bank reforms
India has also adopted another two-pronged approach to promote change: Setting up a fund with the UN for developing countries and working with the BRICS on the New Development Bank.
India has also adopted another two-pronged approach to promote change: Setting up a fund with the UN for developing countries and working with the BRICS on the New Development Bank.
As the world is in the midst of the ‘Great Election Year’ of 2024, the International Monetary Fund (IMF) has sounded the alarm on the perilous tight-rope walk between democratic exercises and fiscal responsibility.
The Maldives is highly vulnerable to climate change risks, with potentially severe economic costs due to floods and rising sea level, the IMF said.
It also upgraded the growth forecast for the India economy by 0.2 percentage points to 6.5 percent for both 2024 and 2025, citing resilient domestic demand.
The data cited the buoyant domestic spending and improved global growth prospects.
Global economy is now projected to contract 4.4 per cent in 2020, as per IMF's latest estimate.
The reserves stood at $534.568 billion for the week ended July 31.
The Washington-based crisis lender late last month downgraded its growth forecasts, and now expects global GDP to fall by 4.9 percent this year due to the deeper contraction during lockdowns than previously anticipated.
'The economic growth of pre-COVID times, as and when restored through fuller unlocking of the economy, will heavily lean on the reforms undertaken today to enhance its potential tomorrow.'
Global output is projected to decline by 4.9 percent in 2020, 1.9 percentage points below IMF's April forecast, followed by a partial recovery, with growth at 5.4 percent in 2021.
